Raymond James (RJF) said Wednesday that it boosted profits 11% in the quarter ended March 31 to $125.8 million, or $0.87 per share, versus $113.5 million, or $0.77 per share, a year earlier.
The company improved revenues 2% from last year to $1.31 billion. Both earnings and sales results in the quarter beat analysts’ estimates of $0.75 and $1.29 billion, respectively, according the data tracked by Yahoo Finance. Excluding $6 million of expenses associated with its acquisition of the U.S. Private Client Services unit of Deutsche Bank Wealth Management, adjusted net income for the quarter was $129.7 million, or $0.90 per share.
“Considering the extremely challenging market environment, we are pleased with the solid results we generated in the first half of the fiscal year, which reinforce the value of our diversified business model and long-term focus on serving our clients,” said CEO Paul Reilly in a statement.
“The records we achieved for client assets under administration, the number of Private Client Group financial advisors and net loans at Raymond James Bank bode well for results in the second half of the fiscal year,” Reilly added.
The company’s employee and affiliated advisors brought in net revenue of $880.3 million, up 1% from a year ago and from the prior quarter. Pre-tax income grew 10% to $83.2 million versus the year-ago period and 20% from the earlier period.
Assets under administration expanded 3% from the year-ago and prior quarter to $485.6 billion, while the number of reps grew to 6,765 – an increase of 78 from December 2015 and 381 from March 2015.