Raymond James Financial Reports Fiscal First Quarter of 2024 Results

ST. PETERSBURG, Fla., Jan. 24, 2024 (GLOBE NEWSWIRE) --

• Record client assets under administration of $1.37 trillion and record financial assets under management of $215 billion, up 17% and 16%, respectively, over December 2022
• Domestic Private Client Group net new assets(1) of $21.6 billion for the fiscal first quarter, annualized growth from beginning of period assets of 7.8%
• Quarterly net revenues of $3.01 billion, up 8% over the prior year’s fiscal first quarter and down 1% compared to the preceding quarter
• Quarterly net income available to common shareholders of $497 million, or record $2.32 per diluted share; record quarterly adjusted net income available to common shareholders of $514 million(2), or record $2.40 per diluted share(2)
• Annualized return on common equity of 19.1% and annualized adjusted return on tangible common equity of 23.8%(2) for fiscal first quarter
• Total clients’ domestic cash sweep and Enhanced Savings Program (“ESP”) balances of $58.0 billion, down 4% compared to December 2022 and up 3% over September 2023

Raymond James Financial, Inc. (NYSE: RJF) today reported net revenues of $3.01 billion and net income available to common shareholders of $497 million, or $2.32 per diluted share, for the fiscal first quarter ended December 31, 2023. Excluding $23 million of expenses related to acquisitions, quarterly adjusted net income available to common shareholders was record $514 million(2), or $2.40 per diluted share(2).

Quarterly net revenues increased 8% over the prior year’s fiscal first quarter primarily driven by higher asset management and related administrative fees. Despite higher revenues, quarterly net income available to common shareholders declined 2% compared to the prior-year quarter largely due to the receipt of a $32 million insurance settlement in the year-ago period. Sequentially, quarterly net revenues decreased 1% primarily due to lower asset management and related administrative fees and investment banking revenues which were partially offset by higher brokerage revenues. Quarterly net income available to common shareholders increased 15% over the preceding quarter mainly resulting from lower legal and regulatory reserves and a lower bank loan loss provision for credit losses. Annualized return on common equity was 19.1% and annualized adjusted return on tangible common equity was 23.8%(2).