Raymond James Financial (RJF) said sales for the quarter ending Sept. 30 grew 5% from last year and 1 % from the prior quarter to $1.12 billion, topping estimates.
Net income of $117.5 million, or $0.82 per share, topped last year’s results by 41% and last quarter’s by 40%.
“Results this quarter were lifted by a beneficial tax rate and better than expected results in Capital Markets and Raymond James Bank,” said CEO Paul Reilly, in a press release.
The firm’s Private Client Group revenues grew 7% from the prior year quarter to $742.5 million, but were down slightly from last quarter (when the unit had sales of $745 million.)
The unit’s pretax income, though, grew 26% from last year and 10% from the preceding quarter to $64.6 million, “as profitability benefited from continued realization of operating efficiencies, particularly related to technology expenses,” the company says.
PCG assets grew 4% from last quarter to $403 billion, while fee-based assets expanded 6% to $155 billion.