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First Citizens: Q2 Earnings Snapshot

Associated Press Finance
·1 min read

RALEIGH, N.C. (AP) — RALEIGH, N.C. (AP) — First Citizens BancShares Inc. (FCNCA) on Thursday reported second-quarter profit of $707 million.

The Raleigh, North Carolina-based bank said it had earnings of $47.54 per share. Earnings, adjusted for non-recurring costs, came to $50.87 per share.

The results beat Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of $44.91 per share.

The bank posted revenue of $3.77 billion in the period. Its revenue net of interest expense was $2.46 billion, also exceeding Street forecasts. Six analysts surveyed by Zacks expected $2.3 billion.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on FCNCA at https://www.zacks.com/ap/FCNCA