Net Revenues, Income Rise At Raymond James In Q1

Editorial Staff

27 April 2023

Raymond James, the US wealth and financial services group operating in a number of jurisdictions, yesterday reported record net revenues of $2.87 billion and net income available to common shareholders of $425 million, or $1.93 per diluted share, for the fiscal second quarter ended March 31, 2023.

Net revenue rose 7 per cent year-on-year, while the net income figure was up 32 per cent over the same timeframe, the firm, which is based in St Petersburg , said.

In the private client group segment, it booked net new assets of $21.5 billion for the fiscal second quarter, equating to an 8.4 per cent annualized growth rate. Quarterly net revenues, at $2.14 billion, rose 12 per cent on a year ago, and up 4 per cent from the previous quarter. Pre-tax income surged 107 per cent.

Private client group assets under administration stood of $1.17 trillion, down 2 per cent from March 2022 and up 5 per cent over December 2022. Assets in fee-based accounts were $666.3 billion, down 2 per cent from the end of March last year.