Financial service provider First Republic Bank (NYSE: FRC) on Monday announced results for the first quarter of 2023, reporting a decline in net profit and revenues.
- First-quarter 2023 revenues were $1.2 billion, which is down 13.4% year-over-year
- Net interest income declined 19.4% annually to $923 million during the three-month period
- Net income declined to $269 million or $1.23 per share in the March quarter from $401 million or $2.0 per share last year
- First-quarter book value per share was $76.97, up 10.4%
- Loans increased 22.6% to $173.3 billion, while total deposits declined by 35.5% annually to $104.5 billion
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