Attributable Quarterly Net Income Slips At Raymond James, Assets Expand

Tom Burroughes

25 July 2025

This week, Raymond James, the US-listed wealth management group operating in several countries, reported attributable net income of $435 million in the three months to June 30, slipping 11 per cent on a year before.

Net revenues rose 5 per cent to $3.398 billion. Total non-interest costs rose 10 per cent year-on-year to $2.835 billion in the quarter, the Florida-headquartered group said in a statement.

The group said results included a $58 million reserve increase associated with the settlement of a legal matter related to bond underwritings for a specific issuer, sold to institutional investors between 2013 to 2015. Although Raymond James said it had strong defenses and denied any liability, given the complexity of the case and the unpredictability of litigation outcomes, it is determined to resolve the long-running dispute without admission of wrongdoing.

Shares in the group have risen about 7.64 per cent since the start of this year.

Raymond James bought back $451 million of common stock during the quarter; it said that on an annualized basis, return on common equity was 17.1 per cent.

“This quarter we celebrate the firm’s 150th consecutive quarter of profitability, highlighting the strength of our diverse and complementary businesses and our ongoing commitment to always putting clients first,” CEO Paul Shoukry said.

Private client results
In the private client segment, Raymond James reported quarterly net revenues of $2.49 billion, rising 3 per cent year-on-year. Quarterly pre-tax income was $411 million, slipping 7 per cent compared with a year ago.

Assets under administration stood at $1.57 trillion, rising 11 per cent from the end of June 2024. Assets in fee-based accounts were $943.9 billion, rising 15 per cent on a year before.

Raymond James operates in the US, Canada, and various international locations, such the UK, Belgium, France, Germany, Poland, and Switzerland.