First-Citizens Bank has closed a record second quarter with a net attributable profit of 667 million dollars (608 million euros), with which it boosts its profits by 180% compared to 238 million dollars (217 million euros). registered in the same period of 2022, as reported by the bank.
The owner of the deposits and loans of the failed Silicon Valley Bank (SVB) has registered a positive impact of 55 million dollars (50 million euros), as well as an adverse effect for expenses related to the transaction of 205 million dollars (187 million euros) after the acquisition of the deposits and loans of the failed Silicon Valley Bank (SVB).
Net interest income grew 180%
In the second quarter, First Citizens’ net interest income figure increased by 180%, up to 1,961 million dollars (1,788 million euros), while the entity almost tripled its provisions for credit risk, up to 151 million dollars (138 million euros), compared to 42 million dollars (38 million euros) last year.
In the first six months of 2023, First Citizens obtained net attributable profit of 10,171 million dollars (9,274 million euros), compared to earnings of 502 million dollars (458 million euros) in the first half of 2022. As As a result of the acquisition of SVB assets, the entity had recorded a preliminary capital gain of 9,820 million dollars (8,954 million euros) in the first three months of 2023.
Without taking into account the extraordinary favorable accounting impact of the acquisition of a large part of the SVB, the adjusted net profit of First Citizens Bank between January and June was 1,057 million dollars (964 million euros), a figure of 85.8% higher than the result of the first half of 2022.
On its side, the figure for net interest income up to June increased by 108%, up to 2,811 million dollars (2,563 million euros), while the entity raised its provisions for credit risk by 84.6%, up to 934 million dollars (851 million euros). “Our performance was supported by the progress we made integrating SVB,” said President and CEO Frank B. Holding.