FX.co ★ City Holding Q1 Profit Rises Above Estimates

City Holding Company, a bank-holding corporation, reported a significant rise in net profit for its first quarter on Tuesday, surpassing expectations of market analysts.

Over the initial three months, the bank recorded a net profit of $29.523 million, reportedly $1.97 per share. This performance was an improvement compared to last year's first quarter, in which the bank posted a net profit of $24.341 million or $1.63 per share.

Analysts surveyed by Thomson Reuters anticipated, on average, that the bank would deliver $1.86 per share in the reported quarter. It should be noted that these estimates typically do not account for special factors.

The pre-tax earnings witnessed an increase, amounting to $36.655 million over the current period, compared to $30.600 million in 2023.

City Holding Company's net interest income over the three months showed a slight increase, coming in at $54.43 million in comparison to last year's $53.46 million.

However, total non-interest income experienced a marginal decline, dropping to $17.948 million from the previous year's $18.682 million.

There was an increment in net loans, which were recorded at $4.069 billion this year as opposed to $3.871 billion last year.

Nevertheless, total deposits showed a small reduction, ranking at $5.055 billion in comparison to last year's $5.136 billion.