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Raymond James Financial Inc. (RJF-2.51%) has submitted its 10-Q filing for the quarterly period ended December 31, 2024.
The filing reports net revenues of $3.54 billion for the quarter, an increase of 17% compared to the same period last year. The increase was primarily driven by higher asset management and related administrative fees due to market appreciation and net new assets.
Net income available to common shareholders was $599 million, up 21% from the previous year. Earnings per diluted share rose to $2.86, a 23% increase.
The Private Client Group segment reported net revenues of $2.55 billion, a 14% increase from the prior year, driven by higher asset management fees and brokerage revenues.
The Capital Markets segment saw a 42% increase in net revenues to $480 million, largely due to increased investment banking revenues, particularly in merger and acquisition activity.
Asset Management segment revenues increased by 25% to $294 million, attributed to higher financial assets under management and market appreciation.
The Bank segment reported net revenues of $425 million, a 4% decrease from the previous year, primarily due to lower net interest income resulting from decreased short-term interest rates.
The company’s effective income tax rate was 19.9%, down from 21.0% in the prior year, due to a larger tax benefit related to share-based compensation.
Raymond James Financial maintained a strong capital position with a tier 1 leverage ratio of 13.0% and a total capital ratio of 25.0%, both well above regulatory requirements.
The filing also details the company's liquidity management strategies, including maintaining substantial liquidity with $2.3 billion in cash at the parent company as of the end of the quarter.
Raymond James Financial continues to focus on growth, with a strong pipeline in financial advisor recruiting and investments in technology to support its operations.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Raymond James Financial Inc. quarterly 10-Q report dated February 7, 2025. To report an error, please email earnings@qz.com.