Stifel Financial’s Global Wealth Management (GWM) segment has posted income before income taxes of $93.9m for the second quarter of 2015, up 5.5% compared to $89.09m in the year ago quarter.
For the quarter ended 30 June 2015, the division’s revenues were $343m, an increase of 11.8% compared with $307.2m in the second quarter of 2014. Brokerage revenues were $158.8m, a 1.1% drop compared with the year ago.
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The units’ non-interest expenses were $249m, up 14.3% from $218m in the second quarter of 2014.
The company said that asset management and service fee revenues at the division stood at $119m, a 27.1% increase compared to the second quarter of 2014.
Overall, Stifel Financial posted a net income from continuing operations of $20.9m or 27 cents per share for the second quarter of 2015, compared with $43.6m or 58 cents per share in the year ago quarter.
Stifel chairman and CEO Ronald Kruszewski said: "Our record second quarter results demonstrate the strength of our platform. On June 5, 2015, we completed the acquisition of Sterne Agee, and as a result, our second quarter includes approximately one month of Sterne Agee’s financial results.
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By GlobalData"We remain excited about partnering with the professionals at Barclays to continue to grow our Global Wealth Management business. We remain on track to close the transaction in the 4th quarter of 2015."
