Raymond James reports major boost in earnings
October 27, 2022 - St. Petersburg-based Raymond James Financial (NYSE: RJF) reported net revenues of $2.83 billion and net income available to common shareholders of $437 million, or $1.98 per diluted share, for the fiscal fourth quarter. The revenue boost was primarily generated from lending and banking, which helped wealth managers offset declines in fee- and commission-based revenues. The fiscal fourth quarter included a full quarter of results for TriState Capital and SumRidge Partners, which Raymond James acquired and added approximately $25 million of incremental non-compensation expenses sequentially, excluding bank loan provision for credit losses, according to the report. "Notwithstanding the challenging and volatile market environment during the fiscal year, we generated record results with annual net revenues and pre-tax income growth of 13%, which was driven by strong organic growth, particularly in the Private Client Group segment, the benefit of higher short-term interest rates and, most importantly, our advisors’ and associates’ unwavering focus on always putting their clients first,” Chair and CEO Paul Reilly said in the report, noting the recent acquisitions.