Business Services Industry
Earnings Decline for Raleigh, N.C.-Based First Citizens BancShares.
Knight Ridder/Tribune Business News, January, 2004
By David Ranii, The News & Observer, Raleigh, N.C. Knight Ridder/Tribune Business News
Jan. 28--RALEIGH, N.C. -- First Citizens BancShares reported another decline in quarterly earnings in the fourth quarter, which contributed to a nearly 19 percent drop in profit for all of 2003.
The Raleigh-based bank posted a profit of $75.2 million, or $7.19 per share, in 2003. The bank's profit in 2002 totaled $92.8 million, or $8.85 per share. First Citizens attributed the decline in profits to lower interest rates, which reduces the income the bank earns on loans, and to higher expenses.
The latter included a 6.8 percent increase in salary expenses last year because of higher "incentive-based compensation" and the expansion of its Atlantic...
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