Raymond James Financial said its profits rose nearly 40% from last year to $601 million, or $2.86 per diluted share, for the period ended Sept. 30. Excluding $25 million of expenses related to acquisitions, adjusted net income jumped 36% to $621 million, or $2.95 per diluted share.
Net revenues of $3.46 billion increased 13% over the prior year's fiscal fourth quarter and 7% over the preceding quarter, mainly due to "higher asset management and related administrative fees and investment banking revenues," the company explained in a press release.
Both its adjusted earnings and revenues for the latest period topped equity analysts' estimates.
Over the past 12 months (for the 2024 fiscal year), the firm grew its net revenues 10% from the year-ago period to $12.82 billion. It also expanded earnings per diluted share by 22% to $9.70, or by 21% on an adjusted basis to $10.05, for the latest fiscal year.
"Our record performance highlights the strength of our diverse and complementary businesses," said Chair and CEO Paul Reilly, in a statement. "We are well positioned entering fiscal 2025 with record client asset levels, healthy pipelines for growth across the business and ample funding to support balance sheet growth."
Private Client Results
Within the firm's Private Client Group, the number of financial advisors jumped by 75 from a year ago to 8,787 as of Sept 30 — with 4,961 independent representatives and 3,826 employee advisors.
The business unit's assets under administration jumped 25% from a year ago to $1.51 trillion, with assets in fee-based accounts growing 28% to $875.2 billion.
