- Record quarterly net revenues of $2.70 billion, up 30% over
the prior year’s fiscal fourth quarter and 9% over the preceding
quarter
- Record quarterly net income of $429 million, or $2.02 per
diluted share(1), and quarterly adjusted net income of $437
million(2), or $2.06 per diluted share(1) (2)
- Record annual net revenues of $9.76 billion, record annual
net income of $1.40 billion, or $6.63 per diluted share(1), and
annual adjusted net income of $1.49 billion(2), or $7.05 per
diluted share(1) (2)
- Quarter-end records for client assets under administration
of $1.18 trillion, financial assets under management of $191.9
billion, and net loans at Raymond James Bank of $25.0
billion
- Record Private Client Group financial advisors of 8,482, net
increases of 243 over September 2020 and 69 over June 2021
- Annualized return on equity for the quarter of 21.3% and
annualized adjusted return on tangible common equity for the
quarter of 24.1%(2)
ST. PETERSBURG, Fla – Raymond James Financial, Inc. (NYSE: RJF)
today reported net revenues of $2.70 billion and net income of $429
million, or $2.02 per diluted share(1), for the fiscal fourth
quarter ended September 30, 2021. Excluding $10 million of
acquisition-related expenses, quarterly adjusted net income was
$437 million(2), or $2.06 per diluted share(1) (2). Quarterly net
revenue growth was driven by record investment banking revenues and
record asset management and related administrative fees, primarily
due to higher Private Client Group assets in fee-based
accounts.
Compared to the prior fiscal year, net revenues of $9.76 billion
increased 22% in fiscal 2021, net income of $1.40 billion increased
72% and adjusted net income of $1.49 billion(2) increased 74%.
Return on equity for the fiscal year was 18.4% and adjusted return
on tangible common equity was 21.6%(2).
“In fiscal 2021, we’ve proven once again that focusing on our
time-tested client-first strategy of providing outstanding service
to our advisors and their clients will guide us through uncertain
market, economic and global conditions, in this case in
record-setting fashion,” said Chairman and CEO Paul Reilly.
“Through a combination of diverse and complementary businesses, we
generated record results for the firm in fiscal 2021, which
included record net revenues and pre-tax income in the Private
Client Group, Capital Markets and Asset Management segments. We are
well positioned entering fiscal 2022, with strong capital ratios
and quarter-end records for client assets, the number of Private
Client Group financial advisors and net loans at Raymond James
Bank. Furthermore, financial advisor recruiting activity remains
robust across all of our affiliation options and our investment
banking pipelines are strong.”
Segment Results
Private Client Group
- Record quarterly net revenues of $1.80 billion, up 29% over
the prior year’s fiscal fourth quarter and 6% over the preceding
quarter
- Record quarterly pre-tax income of $222 million, up 78% over
the prior year’s fiscal fourth quarter and 14% over the preceding
quarter
- Record annual net revenues of $6.61 billion and annual
pre-tax income of $749 million, up 19% and 39%, respectively, over
fiscal 2020
- Record quarter-end Private Client Group assets under
administration of $1.12 trillion, up 26% over September 2020 and 1%
over June 2021
- Record quarter-end Private Client Group assets in fee-based
accounts of $627.1 billion, up 32% over September 2020 and 2% over
June 2021
- Record Private Client Group financial advisors of 8,482, net
increases of 243 over September 2020 and 69 over June 2021
- Record clients’ domestic cash sweep balances of $66.7
billion, up 20% over September 2020 and 6% over June 2021
Record quarterly results were primarily attributable to higher
asset management and related administrative fees, reflecting record
assets in fee-based accounts largely driven by the net addition of
financial advisors and equity market appreciation during the
year.
“Advisors are attracted to our robust technology capabilities
and client-first values, particularly as they continue to adapt how
they serve and meet the needs of their clients in an ever-changing
environment,” said Reilly. “Through a combination of strong
retention and record recruiting, we finished the fiscal year with a
record 8,482 financial advisors, representing a net increase of 243
during the year. Entering fiscal 2022, financial advisor recruiting
activity remains strong across our employee, independent contractor
and independent RIA affiliation options.”
Capital Markets
- Record quarterly net revenues of $554 million, up 35% over
the prior year’s fiscal fourth quarter and 24% over the preceding
quarter
- Record quarterly pre-tax income of $183 million, up 73% over
the prior year’s fiscal fourth quarter and 59% over the preceding
quarter
- Record annual net revenues of $1.89 billion and record
annual pre-tax income of $532 million, up 46% and 136%,
respectively, over fiscal 2020
- Record quarterly investment banking revenues of $350
million, up 67% over the prior year’s fiscal fourth quarter and 32%
over the preceding quarter
- Record merger & acquisition and advisory (M&A)
revenues of $215 million, up 119% over the prior year’s fiscal
fourth quarter and 41% over the preceding quarter
Record quarterly results were driven by record M&A revenues
and record equity underwriting revenues. Furthermore, Tax Credit
Funds revenues were strong and fixed income brokerage revenues
remained solid during the quarter.
“Driven by the continued investment and overall strength in the
Global Equities and Investment Banking and Fixed Income platforms,
Capital Markets generated record results in fiscal 2021 bolstered
by record investment banking and fixed income brokerage revenues,”
said Reilly. “Entering fiscal 2022, investment banking pipelines
remain robust and conditions are conducive to continued strength in
fixed income brokerage activity.”
Asset Management
- Record quarterly net revenues of $238 million, up 29% over
the prior year’s fiscal fourth quarter and 6% over the preceding
quarter
- Record quarterly pre-tax income of $114 million, up 46% over
the prior year’s fiscal fourth quarter and 9% over the preceding
quarter
- Record annual net revenues of $867 million and record annual
pre-tax income of $389 million, up 21% and 37%, respectively, over
fiscal 2020
- Record quarter-end financial assets under management of
$191.9 billion, up 25% over September 2020 and slightly above June
2021
Record quarterly results were primarily attributable to growth
of financial assets under management driven by net inflows to
fee-based accounts in the Private Client Group, partially offset by
market depreciation and net outflows for Carillon Tower Advisers
during the quarter.
Raymond James Bank
- Quarterly net revenues of $176 million, up 9% compared to
the prior year’s fiscal fourth quarter and 4% over the preceding
quarter
- Quarterly pre-tax income of $81 million, up 145% over the
prior year’s fiscal fourth quarter and down 22% compared to the
preceding quarter
- Annual net revenues of $672 million and annual pre-tax
income of $367 million, down 12% and up 87%, respectively, compared
to fiscal 2020
- Record net loans of $25.0 billion, up 18% over September
2020 and 5% over June 2021
- Net interest margin (NIM) of 1.92% for the quarter, down 17
basis points compared to the prior year’s fiscal fourth quarter and
flat compared to the preceding quarter
Net revenue growth was largely due to higher asset balances. Net
loans grew 18% year-over-year and 5% sequentially, driven by higher
securities-based loans to Private Client Group clients and growth
in corporate loans. Year-over-year pre-tax income growth was due to
the aforementioned revenue growth and a lower bank loan provision
for credit losses in the current quarter. The bank loan allowance
for credit losses as a percent of loans held for investment ended
the quarter at 1.27%, down from 1.65% in September 2020 and 1.34%
in June 2021.
Other
The Other segment included $18 million of valuation gains on
private equity investments during the quarter, of which $5 million
were attributable to noncontrolling interests and were offset in
other expenses. At the end of the quarter, the total capital ratio
was 26.2%(3) and the tier 1 leverage ratio was 12.6%(3), both well
above the regulatory requirements.
A conference call to discuss the results will take place
tomorrow morning, Thursday, October 28, at 8:15 a.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.
For a listen-only connection to the conference call, please dial:
800-918-9477 (conference code: 21998510). An audio replay of
the call will be available at the same location until December 31,
2021.
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 8,500 financial advisors. Total
client assets are $1.18 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, demand for and pricing of our
products, acquisitions (including our proposed acquisitions of
Charles Stanley Group PLC and TriState Capital Holdings, Inc.) and
divestitures, anticipated results of litigation, regulatory
developments, and general economic conditions. In
addition, any other statement that necessarily depends on future
events, is 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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