National City on Tuesday reported a sharp rise in fourth-quarter net income from the same quarter a year ago due to the sale of its subprime lending unit. But excluding one-time items the profit missed analysts' expectations.
National City earned $842 million, or $1.36 per share, in the fourth quarter, up from $398 million, of 64 cents a share in the same quarter of 2005. Backing out gains and charges from the sale of its First Franklin lending unit, the company earned 64 cents a share, below the Thomson Financial consensus estimate of 69 cents a share.
The Cleveland-based bank closed its acquisition of Harbor Florida Bancshares in December. It closed its purchase of Fidelity Bankshares, based in West Palm Beach, Fla., earlier this month.
National City will host a conference call and webcast at 11 am New York time to discuss results.