Adjusted profit attributable to common stockholders was $769-million, or $52.92 per share, for the three months ended March 31, the bank reported on Thursday
First Citizens BancShares’ first-quarter profit beat expectations as the lender earned higher interest income and reaped the benefits of its acquisition of Silicon Valley Bank last year.
The Raleigh, North Carolina-based lender has been boosted by its buyout of SVB, which collapsed last year after a deposit flight spiralled out of control and led to the biggest banking crisis in 15 years. “It’s been over one year since SVB became part of First Citizens, and we continue to successfully execute on our integration efforts, which are accelerating the momentum of our franchise,” CEO Frank Holding Jr. said.
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