Shares of First Republic Bank plunged more than 22 per cent in after-hours trading even as the San Francisco-based lender said it was taking steps to shore up its balance sheet and cut its workforce after its deposits plunged in the first quarter amid financial turmoil at US mid-sized banks.
Deposits fell to about $104.5 billion in the first quarter of this year from $176 billion in the fourth quarter of 2022 even after First Republic received a $30 billion lifeline from Bank of America, Citigroup, JPMorgan Chase and Wells Fargo, it said in an earnings statement on Monday.
Without the combined $30 billion provided by America's largest banks, First Republic's decline in deposits would have been almost $102 billion during the March banking crisis after the collapse of Silicon Valley Bank and Signature Bank that sparked a run on the lender.
As of March 9, 2023, just before the collapse of Silicon Valley Bank that sparked a banking crisis in the US, First Republic's total deposits were $173.5 billion, 1.7 per cent less than what they were at the end of 2022.
First Republic said it began to experience unprecedented deposit outflows on March 10 but things began to stabilise after it received the $30 billion on March 16. The unsecured deposits from the banks allowed First Republic to reduce its short-term borrowings and total deposits were $102.7 billion as of April 21, 2023.
“With the stabilisation of our deposit base and the strength of our credit quality and capital position, we continue to take steps to strengthen our business,” Jim Herbert, First Republic's executive chairman and Mike Roffler, the chief executive, said in a joint statement on Monday.
Shares of the bank had closed up 12.2 per cent to $16 a share, but then fell 22.19 per cent in after-hours trading as investors took stock of the first-quarter results and weighed the potential effect of the cost of funding increasing for the bank as the Fed continues to raise interest rates to their highest level since 2007.
Shares of First Republic were down more than 87 per cent since the start of this year as of Monday’s market close.
First Republic said it was taking actions to strengthen its business and restructure its balance sheet.
These actions include increasing insured deposits, reducing borrowings from the Federal Reserve Bank, and decreasing loan balances to correspond with the reduced reliance on uninsured deposits.
First Republic said the actions it is taking and has planned will help it reduce the size of its balance sheet as well as its reliance on short-term borrowings, and address the challenges it continues to face.
The bank is also taking steps to reduce expenses, which includes significantly reducing executive officer compensation, condensing corporate office space and reducing non-essential projects and activities.
First Republic said it also expects to reduce its workforce by approximately 20 to 25 per cent in the second quarter and is “pursuing strategic options to expedite its progress while reinforcing its capital position”.
Earlier this month First Republic said it will suspend payments of quarterly cash dividends on its preferred stock "as a measure of prudent oversight."
It suspended its dividend on common stock last month after the collapse of Silicon Valley Bank.
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Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
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- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
Team Angel Wolf Beach Blast takes place every Wednesday between 4:30pm and 5:30pm
Mina Cup winners
Under 12 – Minerva Academy
Under 14 – Unam Pumas
Under 16 – Fursan Hispania
Under 18 – Madenat
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Results
STAGE
1 . Filippo Ganna (Ineos) - 0:13:56
2. Stefan Bissegger (Education-Nippo) - 0:00:14
3. Mikkel Bjerg (UAE Team Emirates) - 0:00:21
4. Tadej Pogacar (UAE Team Emirates) - 0:00:24
5. Luis Leon Sanchez (Astana) - 0:00:30
GENERAL CLASSIFICATION
1. Tadej Pogacar (UAE Team Emirates) - 4:00:05
2. Joao Almeida (QuickStep) - 0:00:05
3. Mattia Cattaneo (QuickStep) - 0:00:18
4. Chris Harper (Jumbo-Visma) - 0:00:33
5. Adam Yates (Ineos) - 0:00:39
COMPANY PROFILE
Name: Xpanceo
Started: 2018
Founders: Roman Axelrod, Valentyn Volkov
Based: Dubai, UAE
Industry: Smart contact lenses, augmented/virtual reality
Funding: $40 million
Investor: Opportunity Venture (Asia)
WHAT%20IS%20THE%20LICENSING%20PROCESS%20FOR%20VARA%3F
%3Cp%3EVara%20will%20cater%20to%20three%20categories%20of%20companies%20in%20Dubai%20(except%20the%20DIFC)%3A%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ECategory%20A%3A%3C%2Fstrong%3E%20Minimum%20viable%20product%20(MVP)%20applicants%20that%20are%20currently%20in%20the%20process%20of%20securing%20an%20MVP%20licence%3A%20This%20is%20a%20three-stage%20process%20starting%20with%20%5B1%5D%20a%20provisional%20permit%2C%20graduating%20to%20%5B2%5D%20preparatory%20licence%20and%20concluding%20with%20%5B3%5D%20operational%20licence.%20Applicants%20that%20are%20already%20in%20the%20MVP%20process%20will%20be%20advised%20by%20Vara%20to%20either%20continue%20within%20the%20MVP%20framework%20or%20be%20transitioned%20to%20the%20full%20market%20product%20licensing%20process.%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ECategory%20B%3A%3C%2Fstrong%3E%20Existing%20legacy%20virtual%20asset%20service%20providers%20prior%20to%20February%207%2C%202023%2C%20which%20are%20required%20to%20come%20under%20Vara%20supervision.%20All%20operating%20service%20proviers%20in%20Dubai%20(excluding%20the%20DIFC)%20fall%20under%20Vara%E2%80%99s%20supervision.%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ECategory%20C%3A%3C%2Fstrong%3E%20New%20applicants%20seeking%20a%20Vara%20licence%20or%20existing%20applicants%20adding%20new%20activities.%20All%20applicants%20that%20do%20not%20fall%20under%20Category%20A%20or%20B%20can%20begin%20the%20application%20process%20through%20their%20current%20or%20prospective%20commercial%20licensor%20%E2%80%94%20the%20DET%20or%20Free%20Zone%20Authority%20%E2%80%94%20or%20directly%20through%20Vara%20in%20the%20instance%20that%20they%20have%20yet%20to%20determine%20the%20commercial%20operating%20zone%20in%20Dubai.%C2%A0%3C%2Fp%3E%0A
UAE currency: the story behind the money in your pockets
At Everton Appearances: 77; Goals: 17
At Manchester United Appearances: 559; Goals: 253
Global state-owned investor ranking by size
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COMPANY%20PROFILE%20
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Scoreline
UAE 2-1 Saudi Arabia
UAE Mabkhout 21’, Khalil 59’
Saudi Al Abed (pen) 20’
Man of the match Ahmed Khalil (UAE)
OPENING FIXTURES
Saturday September 12
Crystal Palace v Southampton
Fulham v Arsenal
Liverpool v Leeds United
Tottenham v Everton
West Brom v Leicester
West Ham v Newcastle
Monday September 14
Brighton v Chelsea
Sheffield United v Wolves
To be rescheduled
Burnley v Manchester United
Manchester City v Aston Villa
ELIO
Starring: Yonas Kibreab, Zoe Saldana, Brad Garrett
Directors: Madeline Sharafian, Domee Shi, Adrian Molina
Rating: 4/5
UAE currency: the story behind the money in your pockets
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Rating: 2.5/5
GAC GS8 Specs
Engine: 2.0-litre 4cyl turbo
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What is graphene?
Graphene is extracted from graphite and is made up of pure carbon.
It is 200 times more resistant than steel and five times lighter than aluminum.
It conducts electricity better than any other material at room temperature.
It is thought that graphene could boost the useful life of batteries by 10 per cent.
Graphene can also detect cancer cells in the early stages of the disease.
The material was first discovered when Andre Geim and Konstantin Novoselov were 'playing' with graphite at the University of Manchester in 2004.
Overview
Cricket World Cup League Two: Nepal, Oman, United States tri-series, Tribhuvan University, Kathmandu
Fixtures
Wednesday February 5, Oman v Nepal
Thursday, February 6, Oman v United States
Saturday, February 8, United States v Nepal
Sunday, February 9, Oman v Nepal
Tuesday, February 11, Oman v United States
Wednesday, February 12, United States v Nepal
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
Mohammed bin Zayed Majlis
Gothia Cup 2025
4,872 matches
1,942 teams
116 pitches
76 nations
26 UAE teams
15 Lebanese teams
2 Kuwaiti teams
