First Republic Bank delivers quite pleasing double digit results

Hayley Kirton
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Perhaps a polite round of applause is in order? (Source: Getty)

First Republic Bank's chief executive today said he was "quite pleased" with the double digit revenue and profit growth his firm has delivered.

The figures

The bank reported net income of $165m for the three months to June, up 25.6 per cent year-on-year, and revenues of $535.1m, up 17.5 per cent.

Meanwhile, diluted earnings per share came in at $0.97, although this was boosted $0.08 thanks to a change in accounting policies.

First Republic Bank also created $6.5bn worth of loans during the three months, which is its strongest quarter to date and an increase of 11.3 per cent compared with $5.8bn in the same period last year.

Shares in the company are trading up 0.2 per cent at $71.55 at time of writing.

Why it's important

Investors have likely been feeling cautious as US banking earnings start to trickle out. As if low interest rates hadn't given lenders enough to deal with, the uncertainty caused by the UK's referendum has left the sector in a sorry state as well.

What First Republic Bank said

In a short but sweet statement, Jim Herbert, chairman and chief executive, said: "We are quite pleased with the strength and consistency of second quarter results. Earnings, credit quality and capital levels remain very strong."

In short

Quite pleasing results might be a bit of an understatement.

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