April 20, 2011 / 8:30 PM / 6 years ago

UPDATE 2-Raymond James Q2 profit up, revenue rises

2 Min Read

* Q2 EPS $0.64 vs. $0.45 a year prior

* Total revenue increased 16 pct to $867 mln (Adds estimates, CEO comment, details on pretax income from capital markets, private client group and RJ Bank)

CHARLOTTE, N.C., April 20 (Reuters) -- Raymond James Financial Inc's (RJF.N) quarterly net income rose 45 percent, beating analyst estimates as the brokerage and investment banking firm posted higher total revenue.

The St. Petersburg, Florida-based company on Wednesday reported fiscal second-quarter net income of $80.9 million, or 64 cents per share, an increase from $55.6 million, or 45 cents per share, a year ago.

Analysts projected Raymond James would earn 62 cents per share, according to Thomson Reuters I/B/E/S.

Total revenue increased 16 percent to $866.7 million.

"Our business results continue to improve and we are well-positioned to continue our growth and expansion," said Paul Reilly, Raymond James' chief executive, in a prepared statement.

The company's capital markets, private client group -- its wealth management arm -- and RJ Bank -- its retail bank subsidiary -- all posted gains in pretax income.

Raymond James' private client group was its most profitable unit pretax, reporting $46 million in income, up 26 percent from a year-ago as revenue in the unit increased 19 percent.

Its capital market's business pretax income rose 53 percent to $33.7 million. Total revenue in the unit rose 18 percent to $177 million.

RJ Bank reported pretax income of $42.3 million, a 37 percent increase from a year prior.

Shares of Raymond James closed up 1.9 percent at $36.94 on the New York Stock Exchange. (Reporting by Joe Rauch; Editing by Steve Orlofsky, Bernard Orr)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below