Privatebancorp Inc. (PVTB)

[MWM]

PrivateBancorp reports narrower-than-expected Q4 loss
Mon Jan 25, 2010 7:08am ESTStocks

* Q4 $0.30 loss/shr vs est $0.33 loss/shr

* Q4 net interest income up 69 pct to $100 mln

* Loan loss provision $69.5 mln vs $119.3 mln last yr

Jan 25 (Reuters) - PrivateBancorp Inc (PVTB.O) reported a narrower-than-expected quarterly loss, helped by a rise in net interest income.

For the fourth quarter, the Chicago lender reported a net loss of $18.6 million, or 30 cents a share, compared with a loss of $62.8 million, or $1.98 a share last year.

Analysts on average were looking for a loss of 33 cents a share, before items, according to Thomson Reuters I/B/E/S.

Net interest income rose 69 percent to about $100 million.

Provision for loan losses were $69.5 million, down from $119.3 million a year ago.

PrivateBancorp provides personalized financial services primarily to entrepreneurial and middle-market companies, affluent individuals, wealthy families, professionals, entrepreneurs and real estate investors.

Shares of the company closed at $10.00 on Friday on Nasdaq. (Reporting by Brenton Cordeiro in Bangalore; Editing by Maju Samuel)