First Republic Bank (FRC) has reported 27.90 percent rise in profit for the quarter ended Dec. 31, 2016. The company has earned $179.12 million, or $1.03 a share in the quarter, compared with $140.05 million, or $0.84 a share for the same period last year. Revenue during the quarter grew 21.99 percent to $588.96 million from $482.80 million in the previous year period. Net interest income for the quarter rose 21.23 percent over the prior year period to $490.62 million. Non-interest income for the quarter rose 20.72 percent over the last year period to $108.83 million.
First Republic Bank has made provision of $10.50 million for loan losses during the quarter, down 12.83 percent from $12.04 million in the same period last year.
Net interest margin improved 6 basis points to 3.16 percent in the quarter from 3.10 percent in the last year period. Efficiency ratio for the quarter improved to 60.10 percent from 60.80 percent in the previous year period. A decline in efficiency ratio indicates a rise in profitability.
"Results for the fourth quarter 2016 and full year were very strong and were a record in many respects," said Jim Herbert, chairman and chief executive officer. "Asset quality remains excellent. We are also pleased to have completed the acquisition of Gradifi, the leading provider of student debt repayment benefit plans."
Deposits stood at $58,602.38 million as on Dec. 31, 2016, up 22.36 percent compared with $47,893.46 million on Dec. 31, 2015.
Noninterest-bearing deposit liabilities were $22,740.30 million or 38.80 percent of total deposits on Dec. 31, 2016, compared with $18,252.01 million or 38.11 percent of total deposits on Dec. 31, 2015.
Investments stood at $17,552 million as on Dec. 31, 2016, up 39 percent or $4,925.09 million from year-ago. Shareholders equity was at $6,908.65 million as on Dec. 31, 2016.
Nonperforming assets moved down 33.35 percent or $24.52 million to $49.02 million on Dec. 31, 2016 from $73.54 million on Dec. 31, 2015. Meanwhile, nonperforming assets to total assets was 0.07 percent in the quarter, down from 0.12 percent in the last year period.
Tier-1 leverage ratio stood at 9.37 percent for the quarter, down from 9.38 percent for the previous year quarter. Book value per share was $37.39 for the quarter, up 15.83 percent or $5.11 compared to $32.28 for the same period last year.
Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: editor@irisindia.net
