Shares of First Citizens BancShares Inc. rose 2.4% on Thursday following the release of its impressive financial results for the second quarter. The North Carolina-based lender reported a nearly tripled profit, exceeding expectations, which can be attributed to its recent acquisition of Silicon Valley Bank.

During the three months ending June 30, First Citizens BancShares (FCNCA) saw its profit surge to $667 million, or $45.87 per share, compared to $238 million, or $14.86 per share, in the same period last year. When adjusting for certain factors, the bank's second-quarter profit reached $765 million, or $52.60 per share, outperforming the Wall Street analyst estimate of $46.54 per share according to FactSet data.

Not only did the company achieve remarkable profit growth, but its revenue also soared to $2.62 billion in the second quarter, significantly surpassing the analyst target of $2.29 billion.

CEO Frank B. Holding, Jr. expressed his satisfaction with the bank's performance and emphasized the long-term strategic and financial value of the Silicon Valley Bank acquisition. However, he acknowledged the prevailing macroeconomic uncertainties.

First Citizens BancShares stock experienced a small decline of 0.2% on Wednesday, but its overall performance in 2023 has been outstanding, with an 87.4% increase driven by the acquisition of Silicon Valley Bank. In comparison, the S&P 500 index has risen by 8.6% so far this year.

As part of its integration efforts, First Citizens BancShares appointed Silicon Valley Bank executive Marc Cadieux as President of SVB's commercial banking business. The bank remains committed to retaining key talent from Silicon Valley Bank.

The net interest margin also witnessed a notable improvement, rising to 4.1% from 3.04% in the corresponding period last year.

Looking ahead, First Citizens BancShares has provided its projections for the third quarter and 2023. For Q3, the bank anticipates a net interest income ranging from $1.8 billion to $1.9 billion, in line with analyst expectations. Additionally, for the full year 2023, projected net interest income is expected to reach $6.4 billion to $6.6 billion, surpassing the analyst view of $6.27 billion.

It is worth noting that in the first quarter of this year, the bank recorded a substantial profit of $9.5 billion as a direct result of the successful Silicon Valley Bank deal.

Also read: Megabank head count holds nearly steady in second quarter as lenders compete for business

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