First Republic Bank Adds 5% In Pre-market On Upbeat Quarterly Results

(RTTNews) - 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.