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UPDATE 1-Stifel Financial Q2 profit tops estimates by a penny
August 9, 2010 / 9:33 PM / 7 years ago

UPDATE 1-Stifel Financial Q2 profit tops estimates by a penny

* Q2 EPS $0.60 vs $0.51 last year

* Q2 adj EPS $0.69 vs est. $0.68

* Commissions rise 28 pct

* Asset management and service fees up 73.5 pct

* Investment banking revenue rises 67 pct

Aug 9 (Reuters) - U.S. investment bank Stifel Financial Corp (SF.N) reported a quarterly profit that beat Wall Street estimates by a penny, helped by higher commissions, and growth in its asset management and investment banking units.

The company reported earnings, excluding items, of 69 cents a share on revenue of $328 million that was up 25 percent from the year-ago period.

Analysts were expecting the company to report earnings of 68 cents a share, before items, on revenue of $321.1 million, according to Thomson Reuters I/B/E/S

Stifel, which bought Thomas Weisel Partners Group for $318.2 million in April, reported a 74 percent jump in asset management and service fees and a 67 percent jump in investment banking revenue.

“Our capital raising and strategic advisory deal pipeline is promising, although we recognize that we will need a functional market environment to realize its full revenue potential,” Chief Executive Ronald Kruszewski said in a statement.

Shares of the company closed at $46.91 Monday on the New York Stock Exchange. (Reporting by Abhinav Sharma in Bangalore; Editing by Roshni Menon)

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