City National in Los Angeles reported higher third-quarter earnings, due to a sharp rise in trust and brokerage revenue.
The $32 billion-asset bank's earnings climbed 8% from the same period last year, to $69.5 million. Earnings equaled $1.15 per share, beating a Bloomberg analyst poll by 8 cents.
Fee-based income drove profits, increasing 21%, to $108 million, on higher investment services income. Assets under management expanded by 15% from last year, to $49.1 billion.
Interest income held steady $215.8 million, up by about 1%. Loans grew 17%, to $19.3 billion, in large part from a rise in commercial lending.
The net interest margin compressed 27 basis points, to 3.03%.
Operating expenses rose 9%, to $227 million.