Breaking News
Apr 24, 2023
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First Republic Bank said revenue in the first quarter declined 13.4% from a year ago to $1.2 billion and net interest margin fell 19.4% to $923 million.
Net income in the quarter declined 32.9% to $269 million from $401 million and diluted earnings per share fell to $1.23 from $2.0 a year ago.
On the balance sheet front, loans increased 22.6% from a year ago to $173.3 million, total deposits 35.5% to $104.5 billion and borrowings soared by $101.2 billion to $106.7 billion.
At the end of March, excluding the $30 billion of deposits made by the large U.S. banks, the bank's estimated uninsured deposits totaled $19.8 billion, or 27% of total deposits.
Insured deposits fell moderately during the quarter and have "remained stable" from March 31 through April 21.
FRC
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Coca-Cola Company increased 0.5% to $64.35 after the beverage maker reported better-than-expected results in its latest quarter.
Revenue in the first quarter increased 5% to $11.0 billion and net income attributable to shareholders rose 12% to $3.1 billion from $2.8 billion and diluted earnings per share advanced 72 cents from 64 cents a year ago.
Revenue growth was driven by 11% increase in price and volume mix and 1% growth in concentrate sales.
Unit case volume was flat in North America but declined 3% in Europe, Middle East and Africa after prices rose 22% in local currencies. unit case volume surged 10% in Asia Pacific on the price increase of 5%.
Strong growth in unit case volume in Western Europe, Pakistan and South Africa was more than offset by the suspension of business in Russia and the impact of the earthquake in Türkiye in February.
The company reiterated its full-year 2023 revenue growth outlook between 7% and 8% and estimated commodities price inflation in mid single-digit on comparable cost of goods sold.
KO
