By Katherine Hamilton
First Citizens Bancshares stock climbed after fourth-quarter profit grew and the company said it repurchased almost $1 billion in shares.
Shares gained 4.5% to $2,316.47 on Friday morning, and earlier in the session they were up about 9%, hitting a fresh 52-week high.
The Raleigh, N.C.-based bank holding company posted a profit of $700 million, or $49.21 a share, for the quarter ended Dec. 31, up from $514 million, or $34.33 a share, the previous year. Analysts polled by FactSet were expecting a profit of $519.4 million, or $38.96 a share.
First Citizens repurchased more than 460,000 shares for $963 million during the fourth quarter, Chief Executive Frank Holding said.
Stripping out certain one-time items, adjusted per-share earnings were $45.10, ahead of the $39.07 forecast by analysts.
Net interest income was $1.71 billion, above analysts' expectations of $1.69 billion.
Loans and leases were $140.22 billion, an increase from $133.3 billion in 2023.
Write to Katherine Hamilton at katherine.hamilton@wsj.com
(END) Dow Jones Newswires
January 24, 2025 10:40 ET (15:40 GMT)
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