Shares of First Republic Bank (FRC) are up more than 5% in pre-market on Thursday after reporting better-than-expected second-quarter results.
Net income in the second quarter increased to $392 million or $2.16 er share from $350 million or $1.95 per share a year ago.
Revenue for the quarter increased 22.6% year-over-year to $1.5 billion.
On average, analysts polled by Thomson Reuters expected the company to report earnings of $2.09 per share on revenue of $1.47 billion for the quarter.
Net interest income for the quarter grew 24.1% to$1.246 billion.
FRC closed at $148.35, down 0.82% on Wednesday. It has traded in the range of $133.37 – $222.86 in the past 52 weeks.
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