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Net Revenues: Record fiscal fourth quarter net revenues of $3.46 billion.
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Net Income: Net income available to common shareholders of $601 million.
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Earnings Per Share (EPS): Earnings per diluted share of $2.86.
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Adjusted Net Income: Adjusted net income of $621 million or $2.95 per diluted share, excluding acquisition-related expenses.
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Return on Common Equity: Annualized return on common equity of 21.2%.
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Adjusted Return on Tangible Common Equity: Annualized adjusted return of 25.8%.
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Share Repurchases: Repurchased 2.6 million shares for $300 million during the quarter.
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Client Assets: Total assets under administration increased to $1.57 trillion.
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Private Client Group Assets: Grew to $875 billion in fee-based accounts.
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Financial Assets Under Management: Increased to $245 billion.
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Domestic Net New Assets: $13 billion for the quarter, representing a 4% annualized growth rate.
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Recruiting Results: Recruited financial advisers with $100 million in trailing 12-month production and $17.5 billion in client assets.
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Private Client Group Revenue: Record quarterly net revenues of $2.48 billion.
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Capital Markets Revenue: Quarterly net revenues of $483 million, up 42% year over year.
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Asset Management Revenue: Record net revenues of $275 million.
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Bank Segment Revenue: Net revenues of $433 million.
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Net Interest Margin: Bank segment net interest margin of 2.62%.
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Compensation Expense: $2.16 billion with a total compensation ratio of 62.4%.
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Pre-Tax Margin: Pre-tax margin of 22% and adjusted pre-tax margin of 22.7%.
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Total Assets: $83 billion, a 3% sequential increase.
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Effective Tax Rate: 20.8% for the quarter.
Release Date: October 23, 2024
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
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Raymond James Financial Inc (NYSE:RJF) reported record fiscal fourth quarter net revenues of $3.46 billion and net income available to common shareholders of $601 million.
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The company achieved strong returns with an annualized return on common equity of 21.2% and an annualized adjusted return on tangible common equity of 25.8%.
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Client assets grew to record levels, with total assets under administration increasing 6% sequentially to $1.57 trillion.
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The private client group generated record quarterly net revenues of $2.48 billion and pre-tax income of $461 million.
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Raymond James Financial Inc (NYSE:RJF) returned nearly $1.3 billion of capital to shareholders through share repurchases and dividends in the fiscal year.
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The company faced challenges due to Hurricanes Helene and Milton, impacting communities in the southeast, including their headquarters in St. Petersburg.
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Approximately $5 billion of assets are expected to transfer off the platform in early fiscal 2025 due to OSJ relationships leaving the independent contractor division.
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The bank segment’s net interest margin declined by 2 basis points to 2.62% compared to the preceding quarter.
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Non-compensation expenses increased 10% sequentially, largely due to the bank loan provision for credit losses.
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The fixed income business continues to face challenges, although there are signs of improvement in the depository sector.
