“Securities commissions and fees were up 16% [in November] over last year and 2% over the previous month driven by the private client group,” said CEO Paul Reilly in a press release.
Private-client revenues grew by $24.3 million to $172 million vs. $147.7 million last November. They moved up $3.8 million from October.
Assets expanded year over year by $24.4 billion to more than $253 billion, but dropped by $700,000 in November from the previous month.
“Although down slightly [from October], client assets under administration remained near record levels at $253.4 billion and assets under management grew to $31.6 billion.
“Equity capital markets had a solid month, particularly in Canada, which did extremely well … [though] trading profits were at a slight loss for the month as the volatility in the fixed-income market had an adverse impact on results. The volatility of late November continued into early December, thus we anticipate that trading profits will be below recent levels,” added Reilly.
The number of lead-underwriting deals was nine this November, up from five last year and four in October.
“Bank loans grew slightly and the loan pipeline continues to build, which portends a continued growth in loan balances. Credit quality continues to improve. Once again, we are encouraged by the steady, albeit slow, growth in the economy and our position to take advantage of the continuing economic recovery.”
On a net basis, bank loans were $6.1 billion in November, down from $6.4 billion a year ago, but up slightly from $6.0 in October.
Raymond James’ stock is outperforming both the major stock-market indexes and the broker-deal index. It is up roughly 40% year to date.