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Raymond James Financial, Inc. (NYSE: RJF) reported record client assets under administration of $1.45 trillion and quarterly net revenues of $3.12 billion, up 9% over the prior year. The company achieved record Private Client Group assets in fee-based accounts of $798.8 billion, showing strong growth in client assets. Quarterly net income available to common shareholders was $474 million, or $2.22 per diluted share. For the first half of fiscal 2024, total net revenues were $6.13 billion, with net income available to common shareholders reaching $971 million. The company also recorded an annualized return on common equity of 18.3% for the first half of fiscal 2024.
Raymond James Financial, Inc. (NYSE: RJF) ha riportato un record di beni sotto amministrazione pari a 1,45 trilioni di dollari e ricavi netti trimestrali di 3,12 miliardi di dollari, con un aumento del 9% rispetto all'anno precedente. La compagnia ha raggiunto un record negli asset del Gruppo Clienti Privati in conti basati su commissioni pari a 798,8 miliardi di dollari, dimostrando una forte crescita nei beni dei clienti. L'utile netto trimestrale disponibile per gli azionisti ordinari è stato di 474 milioni di dollari, ovvero 2,22 dollari per azione diluita. Per la prima metà dell'anno fiscale 2024, i ricavi netti totali sono stati di 6,13 miliardi di dollari, con un utile netto disponibile per gli azionisti ordinari che ha raggiunto i 971 milioni di dollari. La società ha anche registrato un rendimento annualizzato sul capitale ordinario del 18,3% per la prima metà dell'anno fiscale 2024.
Raymond James Financial, Inc. (NYSE: RJF) reportó activos de clientes bajo administración récord de $1.45 billones y ingresos netos trimestrales de $3.12 mil millones, con un aumento del 9% respecto al año anterior. La empresa alcanzó activos récord en el Grupo de Clientes Privados en cuentas basadas en comisiones de $798.8 mil millones, mostrando un fuerte crecimiento en los activos de los clientes. Los ingresos netos trimestrales disponibles para los accionistas comunes fueron de $474 millones, o $2.22 por acción diluida. Para la primera mitad del año fiscal 2024, los ingresos netos totales fueron de $6.13 mil millones, con los ingresos netos disponibles para los accionistas comunes alcanzando los $971 millones. La compañía también registró un retorno anualizado sobre el capital común de 18.3% para la primera mitad del año fiscal 2024.
Raymond James Financial, Inc. (NYSE: RJF)는 1조 4500억 달러의 기록적인 고객 자산 관리 및 분기별 순수익 31억 2000만 달러를 보고했으며, 전년 대비 9% 증가했습니다. 회사는 수수료 기반 계정에서 7988억 달러의 개인 고객 그룹 자산이라는 기록을 달성하며 고객 자산의 강력한 성장을 보여주었습니다. 분기별 순이익은 보통주 주주에게 4억 7400만 달러, 희석 주당 2.22달러였습니다. 2024 회계연도 상반기 동안 총 순수익은 61억 3000만 달러였으며, 보통주 주주에 대한 순이익은 9억 7100만 달러에 달했습니다. 또한 회사는 2024 회계연도 상반기에 일반 자본에 대해 18.3%의 연간 수익률을 기록했습니다.
Raymond James Financial, Inc. (NYSE: RJF) a déclaré des actifs clients sous gestion record de 1,45 trillion de dollars et des revenus nets trimestriels de 3,12 milliards de dollars, soit une augmentation de 9% par rapport à l'année précédente. La société a atteint un record d'actifs dans le Groupe de Clients Privés en comptes basés sur des frais de 798,8 milliards de dollars, montrant une forte croissance des actifs clients. Le revenu net trimestriel disponible pour les actionnaires ordinaires était de 474 millions de dollars, soit 2,22 dollars par action diluée. Pour le premier semestre de l'exercice 2024, le total des revenus nets s'élevait à 6,13 milliards de dollars, avec un revenu net disponible pour les actionnaires ordinaires atteignant 971 millions de dollars. La société a également enregistré un retour annuel sur capitaux propres ordinaires de 18,3% pour le premier semestre de l'exercice 2024.
Raymond James Financial, Inc. (NYSE: RJF) verzeichnete Rekord-Kundengelder in der Verwaltung von 1,45 Billionen Dollar und quartalsweise Nettoerlöse von 3,12 Milliarden Dollar, ein Anstieg um 9% gegenüber dem Vorjahr. Das Unternehmen erzielte einen Rekord bei den Vermögenswerten der Privatkundengruppe in gebührenbasierten Konten von 798,8 Milliarden Dollar, was ein starkes Wachstum der Kundenvermögen zeigt. Der quartalsweise Reingewinn für Stammaktionäre betrug 474 Millionen Dollar oder 2,22 Dollar pro verwässerter Aktie. Für das erste Halbjahr des Geschäftsjahres 2024 beliefen sich die Gesamtnettoerlöse auf 6,13 Milliarden Dollar, mit einem Reingewinn für Stammaktionäre von 971 Millionen Dollar. Zudem verzeichnete das Unternehmen eine annualisierte Eigenkapitalrendite von 18,3% für das erste Halbjahr des Geschäftsjahres 2024.
Positive
Record client assets under administration of $1.45 trillion and record Private Client Group assets in fee-based accounts of $798.8 billion
Quarterly net revenues of $3.12 billion, up 9% over the prior year's fiscal second quarter
Quarterly net income available to common shareholders of $474 million, or $2.22 per diluted share
Total clients' domestic cash sweep and Enhanced Savings Program balances of $58.2 billion, up 11% over March 2023
Record net revenues of $6.13 billion and record net income available to common shareholders of $971 million for the first half of fiscal 2024
Annualized return on common equity of 18.3% for the first half of fiscal 2024
Negative
None.
Insights
Raymond James Financial’s fiscal second quarter performance is a reflection of the company’s strategic positioning. The reported 18% growth in client assets under administration and a 20% increase in Private Client Group assets in fee-based accounts illustrate a substantial expansion of its managed assets, likely driven by both market appreciation and net new assets. This is significant as it implies a robust growth trajectory aligning with increasing investor confidence and market trends. The 9% year-over-year increase in net revenues is also a positive indicator of the firm’s revenue-generating capabilities. However, the 5% quarter-over-quarter decrease in net income warrants a closer look at operating expenses, which appear to have been impacted by payroll taxes and salary increases. Investors may consider whether these costs are likely to stabilize or if they signal a trend of rising operational costs that could affect future profitability.
The noted annualized return on common equity of 18.3% and adjusted return on tangible common equity of 22.8% indicate that the firm is utilizing its equity efficiently to generate profits. These returns are healthy and competitive within the financial services industry, suggesting that Raymond James is managing its equity in a way that could potentially offer value to investors. It’s essential for investors to compare these figures with those of industry peers to gauge relative performance. Furthermore, the firm’s capital allocation strategies, including $207 million in share repurchases, reflect confidence in the company's intrinsic value and a shareholder-friendly approach. The impact of repurchases on shareholder value is twofold: potential share price support and an increase in earnings per share through the reduction of shares outstanding.
The dip in the bank segment’s net interest margin (NIM) by 97 basis points year-over-year highlights the challenges facing the lending side of the business amid a changing rate environment. This could be indicative of broader sector trends where institutions are grappling with costlier funding. As NIM is a critical determinant of bank profitability, investors should monitor future interest rate movements and their impact on the bank’s funding costs. The credit quality of the loan portfolio also deserves attention as the slight uptick in criticized loans may suggest changes in loan portfolio risk, although the level remains relatively low. The bank's robust capital ratios exceeding regulatory requirements convey a strong capital buffer, which is reassuring from a risk management standpoint.
ST. PETERSBURG, Fla., April 24, 2024 (GLOBE NEWSWIRE) --
Record client assets under administration of $1.45 trillion and record Private Client Group assets in fee-based accounts of $798.8 billion, up 18% and 20%, respectively, over March 2023
Record quarterly net revenues of $3.12 billion, up 9% over the prior year’s fiscal second quarter and 3% over the preceding quarter
Quarterly net income available to common shareholders of $474 million, or $2.22 per diluted share; quarterly adjusted net income available to common shareholders of $494 million(1), or $2.31 per diluted share(1)
Total clients’ domestic cash sweep and Enhanced Savings Program (“ESP”) balances of $58.2 billion, up 11% over March 2023 and slightly above December 2023
Record net revenues of $6.13 billion and record net income available to common shareholders of $971 million for the first half of fiscal 2024, up 8% and 4%, respectively, over the first half of fiscal 2023
Annualized return on common equity of 18.3% and annualized adjusted return on tangible common equity of 22.8%(1) for the first half of fiscal 2024
Raymond James Financial, Inc. (NYSE: RJF) today reported net revenues of $3.12 billion and net income available to common shareholders of $474 million, or $2.22 per diluted share, for the fiscal second quarter ended March 31, 2024. Excluding $26 million of expenses related to acquisitions, quarterly adjusted net income available to common shareholders was $494 million(1), or $2.31 per diluted share(1).
Record quarterly net revenues increased 9% over the prior year’s fiscal second quarter and 3% over the preceding quarter, primarily driven by higher asset management and related administrative fees which grew to $1.52 billion. Quarterly net income available to common shareholders increased 12% over the prior year’s fiscal second quarter, largely due to higher net revenues along with a legal and regulatory net reserve release of $32 million in the quarter. Compared to the preceding quarter, net income available to common shareholders decreased 5%, largely due to a reset of payroll taxes and salary increases in the fiscal second quarter.
For the first six months of the fiscal year, record net revenues of $6.13 billion increased 8%, record earnings per diluted share of $4.54 increased 7%, and record adjusted earnings per diluted share of $4.71(1) increased 9% over the first half of fiscal 2023. The Private Client Group segment generated record net revenues and pre-tax income, and the Asset Management segment produced record net revenues, during the first six months of the fiscal year. For this period, annualized return on common equity was 18.3% and annualized adjusted return on tangible common equity was 22.8%(1).
“We generated record quarterly net revenues of $3.12 billion in the fiscal second quarter fueled by robust year-over-year growth in client assets under administration of 18%, reflecting market growth and solid financial advisor retention and recruiting in the Private Client Group,” said Chair and CEO Paul Reilly. “Entering the back half of the fiscal year, we are well positioned with record client assets and ample capital to support business growth.”
Segment Results Private Client Group
Record quarterly net revenues of $2.34 billion, up 9% over the prior year’s fiscal second quarter and 5% over the preceding quarter
Quarterly pre-tax income of $444 million, up 1% over both the prior year’s fiscal second quarter and the preceding quarter
Record Private Client Group assets under administration of $1.39 trillion, up 19% over March 2023 and 6% over December 2023
Record Private Client Group assets in fee-based accounts of $798.8 billion, up 20% over March 2023 and 7% over December 2023
Domestic Private Client Group net new assets(2) of $9.6 billion for the fiscal second quarter; Domestic PCG net new assets(2) of $31.2 billion, or annualized growth from beginning of period assets of 5.7%, for the first half of the fiscal year
Total clients’ domestic cash sweep and ESP balances of $58.2 billion, up 11% over March 2023 and up slightly over December 2023
Record quarterly net revenues grew 9% year-over-year and 5% sequentially predominantly driven by higher asset management and related administrative fees, reflecting growth of assets in fee-based accounts during the year, along with higher brokerage revenues.
“Our advisor and client-focused culture and robust technology capabilities continue to drive strong advisor recruiting activity,” said Reilly. “Record PCG net revenues reflected 19% annual growth of client assets, driven by rising equity markets and net new assets(2).”
Capital Markets
Quarterly net revenues of $321 million, up 6% over the prior year’s fiscal second quarter and down 5% compared to the preceding quarter
Quarterly pre-tax loss of $17 million
Quarterly investment banking revenues of $171 million, up 18% over the prior year’s fiscal second quarter and 1% over the preceding quarter
Quarterly net revenues grew 6% over the prior-year quarter primarily the result of higher investment banking revenues. Sequentially, quarterly net revenues declined 5%, primarily driven by lower fixed income brokerage revenues and M&A and advisory revenues, partially offset by higher debt underwriting revenues.
“Investment banking revenues increased slightly from the preceding quarter driven primarily by higher debt underwriting revenues,” said Reilly. “Our M&A pipeline and new business activity remain healthy; however, the timing of closings remains difficult to predict.”
Asset Management
Record quarterly net revenues of $252 million, up 17% over the prior year’s fiscal second quarter and 7% over the preceding quarter
Quarterly pre-tax income of $100 million, up 22% over the prior year’s fiscal second quarter and 8% over the preceding quarter
Record financial assets under management of $227 billion, up 17% over March 2023 and 5% over December 2023
Record quarterly net revenues grew 17% year-over-year and 7% sequentially largely attributable to higher financial assets under management due to higher equity markets and net inflows into fee-based accounts in the Private Client Group.
Bank
Quarterly net revenues of $424 million, down 21% compared to the prior year’s fiscal second quarter and 4% compared to the preceding quarter
Quarterly pre-tax income of $75 million, down 18% compared to both the prior year’s fiscal second quarter and the preceding quarter
Bank segment net interest margin (“NIM”) of 2.66% for the quarter, down 97 basis points compared to the prior year’s fiscal second quarter and 8 basis points compared to the preceding quarter
Net loans of $44.1 billion, up 1% over March 2023 and down slightly compared to December 2023
Quarterly net revenues declined 21% year-over-year and 4% sequentially due to lower NIM. The Bank segment’s NIM decreased 8 basis points during the quarter to 2.66%, largely the result of increased interest expense from higher-cost funding as ESP balances replaced a portion of lower-cost Raymond James Bank Deposit Program client cash sweep balances, which were swept to third-party banks.
The credit quality of the loan portfolio is solid, with criticized loans as a percent of total loans held for investment ending the quarter at 1.21%, up from 1.06% in the preceding quarter. Bank loan allowance for credit losses as a percent of total loans held for investment was 1.06%, and bank loan allowance for credit losses on corporate loans as a percent of corporate loans held for investment was 2.05%.
Other
The effective tax rate for the quarter was 21.8%, reflecting the favorable impact of nontaxable corporate owned life insurance gains in the quarter.
During the fiscal second quarter, the firm repurchased 1.70 million shares of common stock for $207 million at an average price of $122 per share. In April, the firm repurchased an additional $43 million of shares for a total of $400 million to date this fiscal year leaving approximately $1.14 billion available under the Board’s approved common stock repurchase authorization. At the end of the quarter, the total capital ratio was 23.3%(3) and the tier 1 leverage ratio was 12.3%(3), both well above regulatory requirements.
A conference call to discuss the results will take place today, Wednesday, April 24, at 5:00 p.m. ET. The live audio webcast, and the presentation which management will review on the call, will be available at www.raymondjames.com/investor-relations/financial-information/quarterly-earnings. A replay of the call will be available at the same location until July 24, 2024. For a connection to the conference call, please dial: 800-715-9871 (conference code: 3778589).
Raymond James Financial, Inc. (NYSE: RJF) is a leading diversified financial services company providing private client group, capital markets, asset management, banking and other services to individuals, corporations and municipalities. The company has approximately 8,800 financial advisors. Total client assets are $1.45 trillion. Public since 1983, the firm is listed on the New York Stock Exchange under the symbol RJF. Additional information is available at www.raymondjames.com.
Forward-Looking Statements
Certain statements made in this press release may constitute “forward-looking statements” under the Private Securities Litigation Reform Act of 1995. Forward-looking statements include information concerning future strategic objectives, business prospects, anticipated savings, financial results (including expenses, earnings, liquidity, cash flow and capital expenditures), industry or market conditions (including changes in interest rates and inflation), demand for and pricing of our products (including cash sweep and deposit offerings), acquisitions, anticipated results of litigation, regulatory developments, and general economic conditions. In addition, future or conditional verbs such as “will,” “may,” “could,” “should,” and “would,” as well as any other statement that necessarily depends on future events, are intended to identify forward-looking statements. Forward-looking statements are not guarantees, and they involve risks, uncertainties and assumptions. Although we make such statements based on assumptions that we believe to be reasonable, there can be no assurance that actual results will not differ materially from those expressed in the forward-looking statements. We caution investors not to rely unduly on any forward-looking statements and urge you to carefully consider the risks described in our filings with the Securities and Exchange Commission (the “SEC”) from time to time, including our most recent Annual Report on Form 10-K, and subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, which are available at www.raymondjames.com and the SEC’s website at www.sec.gov. We expressly disclaim any obligation to update any forward-looking statement in the event it later turns out to be inaccurate, whether as a result of new information, future events, or otherwise.
FAQ
What were Raymond James Financial's record client assets under administration in the fiscal second quarter of 2024?
Raymond James Financial reported record client assets under administration of $1.45 trillion in the fiscal second quarter of 2024.
What was the quarterly net income available to common shareholders for Raymond James Financial in the fiscal second quarter of 2024?
Raymond James Financial reported quarterly net income available to common shareholders of $474 million, or $2.22 per diluted share, for the fiscal second quarter of 2024.
What was the annualized return on common equity for Raymond James Financial in the first half of fiscal 2024?
Raymond James Financial achieved an annualized return on common equity of 18.3% for the first half of fiscal 2024.
How much were the total clients' domestic cash sweep and Enhanced Savings Program balances for Raymond James Financial in the fiscal second quarter of 2024?
Raymond James Financial had total clients' domestic cash sweep and Enhanced Savings Program balances of $58.2 billion in the fiscal second quarter of 2024.
What were Raymond James Financial's record net revenues for the first half of fiscal 2024?
Raymond James Financial reported record net revenues of $6.13 billion for the first half of fiscal 2024.
