Raymond James quarterly profit soars on capital market, wealth management strength
29/01/2025 22:54
Jan 29 (Reuters) - Raymond James Financial RJF.N
reported a 19.5% rise in first-quarter profit on Wednesday,
bolstered by strong performance in its capital markets and
wealth management businesses.
The results extend a sturdy performance by U.S. banks in the
last three months of 2024 on expectations of a more friendlier
regulatory environment under President Donald Trump for deals
and offerings.
Bankers now expect global deal volumes to surpass $4
trillion this year, the highest in four years.
Quarterly net revenue jumped 14% to about $2.55 billion in
the firm's private client group unit, primarily driven by higher
asset management and related administrative fees and brokerage
revenue.
Capital markets revenue climbed 42% over last year to $480
million, while total investment banking revenue jumped 80% to
$325 million.
Investment banking revenue at Wall Street giants Morgan
Stanley MS.N and Goldman Sachs GS.N jumped 25% and 24%,
respectively, during the same period.
Adjusted net income available to common shareholders rose to
$614 million, or $2.93 per share, from $514 million, or $2.40
per share, a year earlier, Raymond James said.
(Reporting by Pritam Biswas and Jaiveer Shekhawat in Bengaluru;
Editing by Sriraj Kalluvila)
((Pritam.Biswas@thomsonreuters.com;))