First Republic Bank Q4 net income up 19%
US-based private bank First Republic Bank has reported a net income of $90.69m, or $0.68 diluted earnings per share, compared to $75.97m, or $0.60 diluted earnings per share, for the same period in 2010.
Excluding the impact of purchase accounting and one-time costs in 2010, net income was $59.1m for the fourth quarter of 2011, up 30%, compared to the same period a year ago.
The total revenues for the fourth quarter of 2011 were $314.9m, compared to $284m for the same period in the previous year.
Net interest income was $285.5m, compared to $256.6m for the same period in the last year.
First Republic Bank president and COO Katherine August-deWilde said that the bank achieved very solid performance in 2011, including significant growth in loans, deposits and wealth management assets. Core earnings continue to grow nicely while asset quality remains very strong.
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