Stifel Financial (SF) said Thursday that it had non-GAAP net income of $44.4 million, or $0.60 per share, as of June 30 vs. $26.1 million, or $0.42 per share a year ago. This performance, along with sales of $485.3 million, topped analysts’ expectations.
Stifel said its GAAP net income for the most recent period was $29.4 million, or $0.40 per share, vs. $26.1 million, or $0.42 per share, a year ago.
“We are pleased to announce record revenues for the second quarter and for the first six months of 2013 in both the Global Wealth Management and the Institutional Group, especially against the challenging market conditions in the quarter … The merger with KBW continues to exceed our expectations, and we are gaining market share in the financial institutions space,” said Chairman and CEO Ronald J. Kruszewski (left) in a press release.
“This quarter, we look forward to the contributions from the institutional fixed-income sales and trading professionals who joined us from Knight Capital Group,” he added.
Global Wealth Growth
The Global Wealth Management unit had pretax operating income of $78.9 million, up 29% from $61 million a year ago and a jump of nearly 14% from $69.5 million in the prior quarter.
Net revenues for the quarter were $282.7 million, an 11% year-over-year improvement and a roughly 6% increase from the first quarter of 2013.
“The increase in net revenues both from the second quarter of 2012 and the first quarter of 2013 is primarily attributable to (1) an increase in commission revenues; (2) increase in investment banking revenues; (3) growth in asset management and service fees; and (4) increased net interest revenues,” Stifel said in its second-quarter report.