UPDATE 1-PrivateBancorp posts wider-than-expected Q1 loss

* Q1 loss $0.35/shr vs est loss $0.20/shr

* Provisions for loan losses rise four-fold

* Net charge-offs soar to $56.9 mln

April 26 (BestGrowthStock) – PrivateBancorp Inc (PVTB.O: ) posted a
wider-than-expected first-quarter loss as the lender set aside
more money to cover bad loans.

Net loss attributable to common shareholders was $24.3
million, or 35 cents a share, compared with a profit of $4.8
million, or 14 cents a share, a year ago.

Analysts on average had expected a loss of 20 cents a
share, excluding items, according to Thomson Reuters I/B/E/S.

Provisions for loan losses more than quadrupled to $72.5
million from $17.8 million.

Net charge-offs increased to $56.9 million from $3.5
million a year ago.

Net interest income rose to $98.3 million from $63.9

Shares of the company closed at $17.07 Friday on Nasdaq.

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(Reporting by Jochelle Mendonca in Bangalore; Editing by Anne

UPDATE 1-PrivateBancorp posts wider-than-expected Q1 loss