Stifel posts fourth-quarter profit, boosted by wealth business

Mon Feb 25, 2013 4:24pm EST

Feb 25 (Reuters) - Stifel Financial Corp said on Monday its fourth-quarter profit rose 48 percent from a year ago, driven by gains in the company's wealth management business and institutional group.

The St. Louis-based regional investment bank and brokerage reported quarterly net income of $40 million, or 63 cents a share, up from $27 million, or 43 cents a share, a year earlier.

Excluding a 2 cent-per-share gain from the company's investment in Knight Capital Group Inc, Stifel earned 61 cents a share, above analysts' expectations of 60 cents a share, based on Thomson Reuters I/B/E/S estimates.

Quarterly net revenue rose 17 percent to $417.8 million from a year earlier, below Wall Street expectations of $418.4 million.