Q1 Snap: Cost efficiency better than expected
FRC delivered a good Q1 result with the efficiency ratio of 64.0% clearly better than consensus at 64.8% (and within FY18 guidance of 63-64% despite the typical Q1 increase). Stronger revenues than expected also helped deliver the 6% EPS beat. Provisions were in line with consensus and credit quality remained pristine with net charge-offs of only $154,000 in the quarter.First Republic Bank is a commercial bank and trust company. The company conducts its business through two reportable business segments: Commercial Banking and Wealth Management. The principal business activities of the Commercial Banking segment are accepting funds from the general public, originating loans (primarily real estate secured mortgage loans) and investing in investment securities. Wealth Management segment consists of subsidiary First Republic Investment Management, Inc.; the company's money market mutual fund activities through third-party providers and the brokerage activities of First Republic Securities Company, LLC; the Trust Company; and the company's foreign exchange activities.
Formed in 2003 by an established team from Cazenove, one of the most respected investment banks in the UK, Atlantic Equities conducts and publishes fundamental, bottom up research on mid and large cap US companies.
Atlantic provide order execution through a wide range of DMA products and algorithmic trading suites.
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