- Record client assets under administration of $1.48 trillion
and record Private Client Group assets in fee-based accounts of
$820.6 billion, up 15% and 18%, respectively, over June
2023
- Domestic Private Client Group net new assets(1) of $16.5
billion for the fiscal third quarter, annualized growth from
beginning of period assets of 5.2%
- Record quarterly net revenues of $3.23 billion, up 11% over
the prior year’s fiscal third quarter and 4% over the preceding
quarter
- Quarterly net income available to common shareholders of
$491 million, or $2.31 per diluted share; quarterly adjusted net
income available to common shareholders of $508 million(2), or
$2.39 per diluted share(2)
- Total clients’ domestic cash sweep and Enhanced Savings
Program (“ESP”) balances of $56.4 billion, down 3% compared to both
June 2023 and March 2024
- Record net revenues of $9.36 billion and record net income
available to common shareholders of $1.46 billion for the first
nine months of fiscal 2024, up 9% and 12%, respectively, over the
first nine months of fiscal 2023
- Repurchased approximately 2 million shares of common stock
for $243 million during the fiscal third quarter
- Annualized return on common equity of 18.2% and annualized
adjusted return on tangible common equity of 22.5%(2) for the first
nine months of fiscal 2024
Raymond James Financial, Inc. (NYSE: RJF) today reported net
revenues of $3.23 billion and net income available to common
shareholders of $491 million, or $2.31 per diluted share, for the
fiscal third quarter ended June 30, 2024. Excluding $23 million of
expenses related to acquisitions, quarterly adjusted net income
available to common shareholders was $508 million(2), or $2.39 per
diluted share(2).
Record quarterly net revenues increased 11% over the prior
year’s fiscal third quarter and 4% over the preceding quarter,
primarily driven by higher asset management and related
administrative fees which grew to $1.61 billion. Compared to both
the prior-year and preceding quarters, quarterly net income
available to common shareholders increased largely due to higher
net revenues and a bank loan benefit for credit losses compared to
a bank loan provision in the comparative periods.
For the first nine months of the fiscal year, record net
revenues of $9.36 billion increased 9%, record earnings per diluted
share of $6.85 increased 15%, and record adjusted earnings per
diluted share of $7.10(2) increased 15% over the first nine months
of fiscal 2023. The Private Client Group and Asset Management
segments generated record net revenues and pre-tax income during
the first nine months of the fiscal year. For this period,
annualized return on common equity was 18.2% and annualized
adjusted return on tangible common equity was 22.5%(2).
“We generated another strong quarter of results with record
revenues, record client assets, record bank loans and strong
domestic Private Client Group net new asset annualized growth of
5.2%,” said Chair and CEO Paul Reilly. “We are well positioned
entering the fiscal fourth quarter with strong capital ratios and a
flexible balance sheet.”
Segment ResultsPrivate Client
Group
- Record quarterly net revenues of $2.42 billion, up 11% over
the prior year’s fiscal third quarter and 3% over the preceding
quarter
- Quarterly pre-tax income of $441 million, up 7% over the
prior year’s fiscal third quarter and down 1% compared to the
preceding quarter
- Record Private Client Group assets under administration of
$1.42 trillion, up 15% over June 2023 and 2% over March
2024
- Record Private Client Group assets in fee-based accounts of
$820.6 billion, up 18% over June 2023 and 3% over March
2024
- Domestic Private Client Group net new assets(1) of $16.5
billion for the fiscal third quarter, or annualized growth from
beginning of period assets of 5.2%; Domestic Private Client Group
net new assets(1) of $47.7 billion for the first nine months of
fiscal 2024, or annualized growth from beginning of period assets
of 5.8%
- Total clients’ domestic cash sweep and ESP balances of $56.4
billion, down 3% compared to both the prior year’s fiscal third
quarter and the preceding quarter
Record quarterly net revenues grew 11% year-over-year and 3%
sequentially primarily driven by higher asset management and
related administrative fees, reflecting growth of assets in
fee-based accounts during the year.
“As we remain focused on retaining, supporting and attracting
high-quality financial advisors, we generated strong domestic net
new assets of $16.5 billion(1) during the quarter, an annualized
growth rate of 5.2%,” said Reilly. “Recruiting activity remains
strong and existing and prospective advisors continue to be
attracted to our advisor and client-focused culture and leading
technology and product offerings.”
Capital Markets
- Quarterly net revenues of $330 million, up 20% over the
prior year’s fiscal third quarter and 3% over the preceding
quarter
- Quarterly pre-tax loss of $14 million
- Quarterly investment banking revenues of $173 million, up
23% over the prior year’s fiscal third quarter and 1% over the
preceding quarter
Quarterly net revenues grew 20% over the prior-year quarter
primarily the result of higher investment banking revenues.
Sequentially, quarterly net revenues increased 3%, largely due to
higher affordable housing investments business revenues.
“Investment banking revenues increased slightly from the
preceding quarter driven by higher debt and equity underwriting
revenues, whereas M&A revenues declined,” said Reilly. “We
continue to be optimistic about our healthy M&A pipeline and
new business activity; however, timing of closings remains
difficult to predict.”
Asset Management
- Record quarterly net revenues of $265 million, up 17% over
the prior year’s fiscal third quarter and 5% over the preceding
quarter
- Quarterly pre-tax income of $112 million, up 26% over the
prior year’s fiscal third quarter and 12% over the preceding
quarter
- Record financial assets under management of $229.3 billion,
up 14% over June 2023 and 1% over March 2024
Record quarterly net revenues grew 17% year-over-year and 5%
sequentially largely attributable to higher financial assets under
management due to higher equity markets and net inflows into
fee-based accounts in the Private Client Group.
Bank
- Quarterly net revenues of $418 million, down 19% compared to
the prior year’s fiscal third quarter and 1% compared to the
preceding quarter
- Quarterly pre-tax income of $115 million, up 74% over the
prior year’s fiscal third quarter and 53% over the preceding
quarter
- Bank segment net interest margin (“NIM”) of 2.64% for the
quarter, down 62 basis points compared to the prior year’s fiscal
third quarter and 2 basis points compared to the preceding
quarter
- Record net loans of $45.1 billion, up 4% over June 2023 and
2% over March 2024
Quarterly pre-tax income grew 74% year-over-year predominantly
driven by lower expenses which more than offset a decline in net
revenues, which was mostly due to lower NIM. The current quarter
included a bank loan benefit for credit losses compared to a bank
loan provision for credit losses in the same year-ago period, as
well as lower RJBDP fees paid to our Private Client Group
segment.
The credit quality of the loan portfolio remains solid, with
criticized loans as a percent of total loans held for investment
ending the quarter at 1.15%, down from 1.21% in the preceding
quarter. Bank loan allowance for credit losses as a percent of
total loans held for investment was 1.00%, and bank loan allowance
for credit losses on corporate loans as a percent of corporate
loans held for investment was 2.00%.
Other
During the fiscal third quarter, the firm repurchased 2 million
shares of common stock for $243 million at an average price of $122
per share. The firm has repurchased $600 million of common shares
through the first nine months of fiscal 2024 leaving approximately
$945 million available under the Board’s approved common stock
repurchase authorization. At the end of the quarter, the total
capital ratio was 23.6%(3) and the tier 1 leverage ratio was
12.7%(3), both well above regulatory requirements.
A conference call to discuss the results will take place today,
Wednesday, July 24, at 5:00 p.m. ET. The live audio webcast,
and the presentation which management will review on the call, will
be available at
www.raymondjames.com/investor-relations/financial-information/quarterly-earnings.
A replay of the call will be available at the same location until
October 23, 2024. For a connection to the conference call, please
dial: 888-596-4144 (conference code: 3778589).
Click here to view full earnings results, earnings
supplement, and earnings presentation.
About Raymond James Financial, Inc.
Raymond James Financial, Inc. (NYSE: RJF) is a leading
diversified financial services company providing private client
group, capital markets, asset management, banking and other
services to individuals, corporations and municipalities. The
company has approximately 8,800 financial advisors. Total client
assets are $1.48 trillion. Public since 1983, the firm is listed on
the New York Stock Exchange under the symbol RJF. Additional
information is available at www.raymondjames.com.
Forward-Looking Statements
Certain statements made in this press release may constitute
“forward-looking statements” under the Private Securities
Litigation Reform Act of 1995. Forward-looking statements include
information concerning future strategic objectives, business
prospects, anticipated savings, financial results (including
expenses, earnings, liquidity, cash flow and capital expenditures),
industry or market conditions (including changes in interest rates
and inflation), demand for and pricing of our products (including
cash sweep and deposit offerings), anticipated timing and benefits
of our acquisitions, and our level of success integrating acquired
businesses, anticipated results of litigation, regulatory
developments, and general economic conditions. In addition,
future or conditional verbs such as “will,” “may,” “could,”
“should,” and “would,” as well as any other statement that
necessarily depends on future events, are intended to identify
forward-looking statements. Forward-looking statements are
not guarantees, and they involve risks, uncertainties and
assumptions. Although we make such statements based on
assumptions that we believe to be reasonable, there can be no
assurance that actual results will not differ materially from those
expressed in the forward-looking statements. We caution
investors not to rely unduly on any forward-looking statements and
urge you to carefully consider the risks described in our filings
with the Securities and Exchange Commission (the “SEC”) from time
to time, including our most recent Annual Report on Form 10-K, and
subsequent Quarterly Reports on Form 10-Q and Current Reports on
Form 8-K, which are available at www.raymondjames.com and the SEC’s
website at www.sec.gov. We expressly disclaim any obligation
to update any forward-looking statement in the event it later turns
out to be inaccurate, whether as a result of new information,
future events, or otherwise.
Media Contact: Steve Hollister
Raymond James
727.567.2824
Investor Contact: Kristina Waugh
Raymond James
727.567.7654
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