Raymond James Financial (RJF) said Wednesday it had profits of $183.4 million, or $1.24 per share, in the quarter ended June 30 — up 46% from $125.5 million, or $0.87 per share, a year ago. Pretax income for the Private Client Group jumped 56% from a year ago.
Total revenue for Raymond James jumped 20% year over year to $1.7 billion.
The firm says the results largely came from the growth of client assets tied to its net recruiting of financial advisors and market appreciation, along with “strong investment banking revenues and the positive impact from higher short-term interest rates on both net interest income and account and service fees.”
The total number of independent and employee advisors stands at 7,285, up 451 from a year ago and 63 from the earlier quarter.
“Record quarterly results were driven by record revenues in the Private Client Group segment, Asset Management segment, and Raymond James Bank,” said Chairman and CEO Paul Reilly, in a statement.
On Thursday, the firm announced that it had recruited two Merrill Lynch advisors to its employee channel with about $577 million in assets. The team of Gail Giclas and Stephen Neff join Raymond James & Associates in Tucson, Arizona, where they will work as a mother-son team.
“Our continued success in recruiting and retaining financial advisors has led to records for client assets under administration, financial assets under management, and loan balances at Raymond James Bank,” Reilly said.