First Citizens Bank has reported a more than 30-fold increase in profits for Q1 2023, following its acquisition of Silicon Valley Bank. The bank’s net income soared to $9.5bn, or $653.64 per share, compared to $264mn, or $16.70 per share, during the same period last year. First Citizens benefited from a $9.8bn gain from the SVB deal, making it the second-most profitable bank in the US, behind JPMorgan Chase, which earned $12.6bn in Q1. Shares in First Citizens rose nearly 7% in late-morning trading on Wednesday.
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