Stifel Reports January 2023 Operating Data

Rhea-AI Summary

Stifel Financial Corp. (NYSE: SF) released selected operating results for January 31, 2023, highlighting key metrics that reflect ongoing business performance. Total client assets stood at $407.8 billion, representing a 5% year-over-year increase, driven by market appreciation and successful advisor recruitment. However, fee-based client assets decreased by 4% from the previous year. The CEO stated that while client deposits remain stable, challenges persist within the Institutional Group's operational environment, although transactional and investment banking performance met prior expectations. The report suggests that earnings correlation cannot be assumed from this data.

Positive

• Total client assets increased by 5% year-over-year to $407.8 billion.
• Stable client deposits observed in January 2023.
• Successful advisor recruitment contributed to asset growth.

Negative

• Fee-based client assets declined by 4% compared to January 2022.
• Ongoing challenges in the Institutional Group's operational environment.

ST. LOUIS, Feb. 23, 2023 (GLOBE NEWSWIRE) -- Stifel Financial Corp. (NYSE: SF) today reported selected operating results for January 31, 2023 in an effort to provide timely information to investors on certain key performance metrics. Due to the limited nature of this data, a consistent correlation to earnings should not be assumed.

Ronald J. Kruszewski, Chairman and Chief Executive Officer, said, “In January, we continued to benefit from our client cash initiatives. Client deposits remained relatively stable and we’ve continued to see similar trends so far in February. Total client assets increased 5% as we again benefitted from market appreciation and solid advisor recruiting. The environment for our Institutional Group remains challenging. However, the performance of both our transactional and investment banking businesses in January were in line with the outlook we gave on our fourth quarter conference call.”

Selected Operating Data (Unaudited)
	As of							% Change
(millions)	1/31/2023		1/31/2022		12/31/2022			1/31/2022		12/31/2022
Total client assets	$407,844		$421,462		$389,818			(3	)%	5		%
Fee-based client assets	$150,891		$156,869		$144,952			(4	)%	4		%
Private Client Group fee-based client assets	$132,763		$136,852		$126,043			(3	)%	5		%
Bank loans, net (includes loans held for sale)	$20,768		$17,068		$20,622			22	%	1		%
Client money market and insured product	$27,349		$28,007		$27,509			(2	)%	(1		)%

Company Information

Stifel Financial Corp. (NYSE: SF) is a financial services holding company headquartered in St. Louis, Missouri, that conducts its banking, securities, and financial services business through several wholly owned subsidiaries. Stifel’s broker-dealer clients are served in the United States through Stifel, Nicolaus & Company, Incorporated, including its Eaton Partners business division; Keefe, Bruyette & Woods, Inc.; Miller Buckfire & Co., LLC; and Stifel Independent Advisors, LLC. The Company’s broker-dealer affiliates provide securities brokerage, investment banking, trading, investment advisory, and related financial services to individual investors, professional money managers, businesses, and municipalities. Stifel Bank and Stifel Bank & Trust offer a full range of consumer and commercial lending solutions. Stifel Trust Company, N.A. and Stifel Trust Company Delaware, N.A. offer trust and related services. To learn more about Stifel, please visit the Company’s website at www.stifel.com. For global disclosures, please visit www.stifel.com/investor-relations/press-releases.

Media Contact: Neil Shapiro (212) 271-3447 | Investor Contact: Joel Jeffrey (212) 271-3610 | www.stifel.com/investor-relations

FAQ

What were the total client assets for Stifel Financial Corp. as of January 31, 2023?

Total client assets for Stifel Financial Corp. as of January 31, 2023, were $407.8 billion.

How much did fee-based client assets decline for Stifel Financial Corp. in January 2023?

Fee-based client assets for Stifel Financial Corp. declined by 4% year-over-year as of January 31, 2023.

What is the status of client deposits for Stifel Financial as of January 2023?

Client deposits for Stifel Financial remained relatively stable in January 2023.

How did Stifel Financial's performance in January 2023 compare to prior expectations?

Stifel Financial's transactional and investment banking performance in January 2023 was in line with the previous quarter's expectations.