- First Republic comfortably beat sell-side pre-provision earnings and core EPS expectations, with strong loan growth and growth in wealth management fees.
- Management seems confident that loan growth can continue at a mid-teens clip, and the bank continues to leverage strong customer satisfaction to add more clients and market share.
- First Republic's uncommonly strong growth profile puts its outside typical bank valuation approaches, but I expect the market will continue to reward high revenue, earnings, and TBV growth.
For further details see:
First Republic Remains A Top-Notch Growth Bank Stock