Raymond James profit up 2 pct, commissions rise

NEW YORK, July 22 (Reuters) - Raymond James Financial Inc RFD, a large U.S. brokerage, on Tuesday reported a 2 percent increase in quarterly profit, helped by higher securities commissions and improved trading results.

Net income for the fiscal third quarter ended June 30 rose to $69.9 million, or 59 cents per share, from $68.4 million, or 57 cents, a year earlier. Net revenue rose 8 percent to $742 million.

Analysts on average expected profit of 55 cents per share on revenue of $709.4 million, according to Reuters Estimates.

Securities commissions and fees rose 5 percent to $483.2 million, investment advisory fees fell 1 percent to $51.5 million, and financial service fees rose 5 percent to $31.8 million. Investment banking revenue fell 30 percent to $36.2 million and trading profit rose 57 percent to $11.1 million.

The St. Petersburg, Florida-based company said it has more than 4,400 brokers, and about $212 billion of client assets. Raymond James shares closed Tuesday up $2.25 at $29.46 on the New York Stock Exchange. (Reporting by Jonathan Stempel)