Raymond James Financial Reports Third Quarter of Fiscal 2023 Results

ST. PETERSBURG, Fla., July 26, 2023 (GLOBE NEWSWIRE) --

• Domestic Private Client Group net new assets⁽¹⁾⁽²⁾ of $14.4 billion for the fiscal third quarter, 5.4% annualized growth rate from beginning of period assets
• Record quarterly net revenues of $2.91 billion, up 7% over the prior year’s fiscal third quarter and 1% over the preceding quarter
• Quarterly net income available to common shareholders of $369 million, or $1.71 per diluted share, and quarterly adjusted net income available to common shareholders of $399 million⁽³⁾, or $1.85 per diluted share⁽³⁾
• Record client assets under administration of $1.28 trillion and financial assets under management of $200.7 billion
• Net interest income and Raymond James Bank Deposit Program (“RJBDP”) fees from third-party banks of $708 million during the quarter, up 91% over the prior year’s fiscal third quarter and down 3% compared to the preceding quarter
• Record net revenues of $8.57 billion and record net income available to common shareholders of $1.30 billion for the first nine months of fiscal 2023, up 5% and 22%, respectively, over the first nine months of fiscal 2022
• Annualized return on common equity of 17.9% and annualized adjusted return on tangible common equity of 22.7%⁽³⁾ for the first nine months of fiscal 2023

ST. PETERSBURG, Fla – Raymond James Financial, Inc. (NYSE: RJF) today reported record net revenues of $2.91 billion and net income available to common shareholders of $369 million, or $1.71 per diluted share, for the fiscal third quarter ended June 30, 2023. Excluding $40 million of expenses related to acquisitions, quarterly adjusted net income available to common shareholders was $399 million⁽³⁾, or $1.85 per diluted share⁽³⁾.

Record quarterly net revenues increased 7% over the prior year’s fiscal third quarter. The benefit of higher short-term interest rates on net interest income and RJBDP fees from third-party banks more than offset declines in investment banking revenues, brokerage revenues, and asset management and related administrative fees. The 1% sequential increase in quarterly net revenues was primarily due to higher asset management and related administrative fees.

Quarterly net income available to common shareholders increased 23% over the prior year’s fiscal third quarter, driven primarily by higher net interest income and RJBDP fees from third-party banks which were partially offset by elevated provisions for legal and regulatory matters. Sequentially, net income available to common shareholders decreased 13%. Quarterly results were negatively impacted by elevated provisions for legal and regulatory matters of approximately $65 million and bank loan provision for credit losses of $54 million.