By Makailah Gause
(Reuters) -Raymond James Financial’s profit rose 27% in its third fiscal quarter fueled by record revenue, client assets and bank loans, it reported on Wednesday.
The investment banking and brokerage firm said adjusted net income available to common stockholders increased to $508 million, or $2.39 per share, from $399 million, or $1.85 per share, a year earlier.
“We generated another strong quarter,” CEO Paul Reilly said in a statement, citing the record revenue. “We continue to be optimistic about our healthy M&A (mergers and acquisitions) pipeline and new business activity; however, timing of closings remains difficult to predict,” he added.
Investment banking revenue jumped 23% from the previous year, but only gained 1% from the second quarter, buoyed by higher debt and equity underwriting revenue, while revenue from M&A dropped.
In its private client group, net new assets climbed to $16.5 billion, growing 5%, and the company was focused on attracting and retaining financial advisers.
“Recruiting activity remains strong,” Reilly said.
(Reporting by Makailah Gause, Editing by Lananh Nguyen and Diane Craft)
