First Republic Bank (FRC) has reported a 12.24 percent rise in profit for the quarter ended Mar. 31, 2017. The company has earned $176.77 million, or $1.01 a share in the quarter, compared with $157.50 million, or $0.93 a share for the same period last year. Revenue during the quarter grew 14.95 percent to $592.06 million from $515.07 million in the previous year period. Net interest income for the quarter rose 17.76 percent over the prior year period to $499.68 million. Non-interest income for the quarter rose 6.52 percent over the last year period to $101.46 million.
First Republic Bank has made provision of $9.09 million for loan losses during the quarter, up 102.32 percent from $4.49 million in the same period last year.
Net interest margin contracted 7 basis points to 3.13 percent in the quarter from 3.20 percent in the last year period. Efficiency ratio for the quarter deteriorated to 63 percent from 61.40 percent in the previous year period. A rise in efficiency ratio suggests a fall in profitability.
“First Republic had a strong quarter, including record first quarter loan volume and continued excellent credit quality,” said Jim Herbert, chairman and chief executive officer. “We also successfully accessed the capital markets twice during the quarter, contributing to a year-over-year increase in regulatory capital of 31%.”
Deposits stood at $61,207.25 million as on Mar. 31, 2017, up 20.17 percent compared with $50,935.26 million on Mar. 31, 2016.
Noninterest-bearing deposit liabilities were $23,622.96 million or 38.60 percent of total deposits on Mar. 31, 2017, compared with $19,694 million or 38.66 percent of total deposits on Mar. 31, 2016.
Investments stood at $18,388.69 million as on Mar. 31, 2017, up 34.68 percent or $4,735.30 million from year-ago. Shareholders equity was at $7,088.74 million as on Mar. 31, 2017.
Nonperforming assets moved down 14.69 percent or $8.90 million to $51.69 million on Mar. 31, 2017 from $60.60 million on Mar. 31, 2016. Meanwhile, nonperforming assets to total assets was 0.07 percent in the quarter, down from 0.10 percent in the last year period.
Tier-1 leverage ratio stood at 9.22 percent for the quarter, down from 9.38 percent for the previous year quarter. Book value per share was $39.13 for the quarter, up 18.15 percent or $6.01 compared to $33.12 for the same period last year.
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