Forex and other markets news
25.04.2023, 23:00
First Republic Bank stocks plummet
First Republic Bank stocks plummet
First Republic Bank shares plummet as customers withdraw their deposits.
The stock price of First Republic Bank (FRB), a US regional bank. Falling sharply in today's trading. After the bank revealed that customers have flocked to more deposits than expected in the first quarter of 2023As of 9:19 p.m. ET, FRB shares were down 26.84% to $11.71.
FRB said deposits fell 40.8 percent to $104.5 billion in the first quarter, below analysts' expectations of $1450 billion.
However, FRB posted earnings and revenue in the first quarter that exceeded analysts' expectations.
FRB reported earnings of $1.23 per share, above analysts' expectations of $0.85 per share.
In addition, the bank had revenue of $12.1 billion. That was above analysts' estimate of $11.5 billion.
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