First Citizens Bank, the US lender that acquired much of Silicon Valley Bank following its collapse, reported a more than 30-fold increase in profits for the first three months of 2023, benefiting from its purchase of the failed California-based lender.
For the first quarter, First Citizens said on Wednesday that net income totalled $9.5bn, or $653.64 a share, up from $264mn, or $16.70 a share, in the same period last year, due to a $9.8bn gain from its deal for SVB.
The windfall made First Citizens the second-most profitable bank in the US during the quarter, just behind JPMorgan Chase that earned $12.6bn.
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