First Citizens: Fourth Quarter Earnings Overview

First Citizens BancShares Reports Strong Fourth-Quarter Results

First Citizens BancShares Inc., headquartered in Raleigh, North Carolina, announced a net income of $580 million for the fourth quarter.

The bank recorded earnings of $45.81 per share, and after adjusting for one-time expenses, adjusted earnings reached $51.27 per share.

These figures surpassed analysts’ expectations, as the consensus estimate from seven analysts polled by Zacks Investment Research had projected earnings of $44.21 per share.

During the quarter, the company generated $3.66 billion in total revenue. After accounting for interest expenses, net revenue stood at $2.25 billion, exceeding the $2.21 billion anticipated by six Zacks analysts.

For the full year, First Citizens BancShares reported a profit of $2.21 billion, or $165.24 per share, with annual revenue totaling $8.85 billion.