Raymond James reports strong revenue in Q3, credits growth in client assets
July 28, 2021 - St. Petersburg-based Raymond James Financial Inc. (NYSE: RJF) reported net revenues of $2.47 billion and net income of $307 million, or $2.18 per diluted share, for the fiscal third quarter ended June 30. The increase in quarterly net revenues was largely driven by record asset management and related administrative fees and record investment banking revenues during the quarter, according to the Q3 earnings report released on Wednesday. For the first nine months of the fiscal year, record net revenues of $7.07 billion increased 20%. “With strength across our complementary and diverse businesses, we achieved record results for the first nine months of the fiscal year, including record net revenues and pre-tax income in our Private Client Group, Capital Markets and Asset Management segments,” Chairman and CEO Paul Reilly said in the release. “We are well positioned heading into the fiscal fourth quarter with records for client assets, the number of financial advisors, financial assets under management, and net loans at Raymond James Bank. Furthermore, financial advisor recruiting and investment banking pipelines remain strong.”