Raymond James Financial Reports Fiscal Second Quarter of 2024 Results - Seite 2

For the first six months of the fiscal year, record net revenues of $6.13 billion increased 8%, record earnings per diluted share of $4.54 increased 7%, and record adjusted earnings per diluted share of $4.71(1) increased 9% over the first half of fiscal 2023. The Private Client Group segment generated record net revenues and pre-tax income, and the Asset Management segment produced record net revenues, during the first six months of the fiscal year. For this period, annualized return on common equity was 18.3% and annualized adjusted return on tangible common equity was 22.8%(1).

“We generated record quarterly net revenues of $3.12 billion in the fiscal second quarter fueled by robust year-over-year growth in client assets under administration of 18%, reflecting market growth and solid financial advisor retention and recruiting in the Private Client Group,” said Chair and CEO Paul Reilly. “Entering the back half of the fiscal year, we are well positioned with record client assets and ample capital to support business growth.”

Segment Results
Private Client Group

• Record quarterly net revenues of $2.34 billion, up 9% over the prior year’s fiscal second quarter and 5% over the preceding quarter
• Quarterly pre-tax income of $444 million, up 1% over both the prior year’s fiscal second quarter and the preceding quarter
• Record Private Client Group assets under administration of $1.39 trillion, up 19% over March 2023 and 6% over December 2023
• Record Private Client Group assets in fee-based accounts of $798.8 billion, up 20% over March 2023 and 7% over December 2023
• Domestic Private Client Group net new assets(2) of $9.6 billion for the fiscal second quarter; Domestic PCG net new assets(2) of $31.2 billion, or annualized growth from beginning of period assets of 5.7%, for the first half of the fiscal year
• Total clients’ domestic cash sweep and ESP balances of $58.2 billion, up 11% over March 2023 and up slightly over December 2023

Record quarterly net revenues grew 9% year-over-year and 5% sequentially predominantly driven by higher asset management and related administrative fees, reflecting growth of assets in fee-based accounts during the year, along with higher brokerage revenues.