Raymond James Financial has reported a 5 percent decrease over the prior year’s quarterly net income to $56,242,000 or $0.47 per diluted share, for the first quarter ended December 31, 2007. Net revenues increased 14 percent to $685,827,000, while gross revenues grew 17 percent to $829,191,000.
Raymond James says it has more than 4,770 financial advisors serving approximately 1.6 million accounts in 2,200 locations throughout the United States, Canada and overseas – up 20 advisors from three months ago. In addition, total client assets are approximately $217 billion, of which $37.3 billion are managed by the firm’s asset management subsidiaries; this is a $2 billion increase in total client assets from the previous quarter.
“Although we have avoided the losses directly attributed to the sub-prime financial debacle experienced by many large banks and securities firms, our results have been negatively impacted by the fallout. As a result, our earnings are down 5 percent from last year’s comparable first quarter in spite of a 14 percent increase in net revenues,” states Chairman and CEO Thomas A. James in a January 23 statement.