Raymond James Financial Reports Fiscal Second Quarter of 2024 Results

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

• Record client assets under administration of $1.45 trillion and record Private Client Group assets in fee-based accounts of $798.8 billion, up 18% and 20%, respectively, over March 2023
• Record quarterly net revenues of $3.12 billion, up 9% over the prior year’s fiscal second quarter and 3% over the preceding quarter
• Quarterly net income available to common shareholders of $474 million, or $2.22 per diluted share; quarterly adjusted net income available to common shareholders of $494 million(1), or $2.31 per diluted share(1)
• Total clients’ domestic cash sweep and Enhanced Savings Program (“ESP”) balances of $58.2 billion, up 11% over March 2023 and slightly above December 2023
• Record net revenues of $6.13 billion and record net income available to common shareholders of $971 million for the first half of fiscal 2024, up 8% and 4%, respectively, over the first half of fiscal 2023
• Annualized return on common equity of 18.3% and annualized adjusted return on tangible common equity of 22.8%(1) for the first half of fiscal 2024

Raymond James Financial, Inc. (NYSE: RJF) today reported net revenues of $3.12 billion and net income available to common shareholders of $474 million, or $2.22 per diluted share, for the fiscal second quarter ended March 31, 2024. Excluding $26 million of expenses related to acquisitions, quarterly adjusted net income available to common shareholders was $494 million(1), or $2.31 per diluted share(1).

Record quarterly net revenues increased 9% over the prior year’s fiscal second quarter and 3% over the preceding quarter, primarily driven by higher asset management and related administrative fees which grew to $1.52 billion. Quarterly net income available to common shareholders increased 12% over the prior year’s fiscal second quarter, largely due to higher net revenues along with a legal and regulatory net reserve release of $32 million in the quarter. Compared to the preceding quarter, net income available to common shareholders decreased 5%, largely due to a reset of payroll taxes and salary increases in the fiscal second quarter.