Raymond James Financial said Wednesday that net income in their fiscal second quarter ending March 31 rose 45% to $80.9 million, or $0.64 per share, from $55.6 million, or $0.45 per share, in the year-ago period. Net revenue totaled $852.1 million, a 16% jump over the same period last year.
Both results surpassed estimates made by analysts, who had expected Raymond James to earn $0.62 and produce sales of $824.5 million.
“This quarter’s record net revenue, assets under administration and assets under management demonstrate the underlying strength of the firm through this economic recovery,” said CEO Paul Reilly (right) in a press release.
“Net revenue was 5% higher and net income 1% lower than the previous quarter. Although net income was down slightly, it was in line with our expectations given positive adjustments during the first quarter,” added Reilly.
According to Reilly, the private client group “led this quarter’s growth with assets under administration reaching a record $275 billion.” Assets under management grew to $35.6 billion, due to both market appreciation and net inflows, from $29.3 billion a year ago and $33.4 in the previous quarter.
PCG sales increased 19% from last year to $556.6 million in the quarter ending March 31 and also jumped 7% from last quarter.
The number of U.S. financial advisors stood at 4,472 as of March 31. Including FAs in the United Kingdom, 151, and Canada, 443, Raymond James has 5,066 advisors.