Raymond James Chairman & CEO Paul Reilly
Raymond James missed analyst estimates, with a 35% year-over-year drop in net income to $169 million, or $1.20 per share, for the quarter ending March 31 — mainly due to the bank loan loss provision of $109 million tied to the coronavirus fallout.
Revenue, though, beat estimates at $2.07 billion, up 11% over the prior year and 3% from the preceding quarter.
This growth, the firm says, came from higher asset management and related administrative fees in Private Client Group fee-based accounts — which have $384 billion of assets — and higher brokerage revenue in both PCG and Capital Markets.
"Our solid financial performance during a tumultuous quarter highlights the resiliency of our diversified and client-focused business model," said Chairman and CEO Paul Reilly, in a statement.
"I am proud of our associates and advisors for their remarkable response during this time of extreme market volatility and economic turmoil," Reilly explained. "Supported by a robust technology platform, advisors and support associates were able to transition to working remotely and provide continued service for their clients."
