The profit of First Citizens beats estimates on interest income strength

The Raleigh, North Carolina-based lender has been boosted by its buyout of SVB, which collapsed last year after a deposit flight spiraled out of control and led to the biggest banking crisis in 15 years. Since SVB's collapse, banking giants including JPMorgan Chase and HSBC have tried to beef up their businesses catering to startups and venture capital firms. "It's been over one year since SVB became part of First Citizens, and we continue to successfully execute on our integration efforts, which are accelerating the momentum of our franchise," CEO Frank Holding Jr. said.

First Citizens BancShares' first-quarter profit beat expectations as the lender earned higher interest income and reaped the benefits of its acquisition of Silicon Valley Bank (SVB) last year. The Raleigh, North Carolina-based lender has been boosted by its buyout of SVB, which collapsed last year after a deposit flight spiraled out of control and led to the biggest banking crisis in 15 years. Since SVB's collapse, banking giants including JPMorgan Chase and HSBC have tried to beef up their businesses catering to startups and venture capital firms.