According to company, net revenues of $1.09bn were $214m higher than the preceding quarter, slightly better than the anticipated quarterly revenue increment associated with the MK acquisition.
The investment banking and wealth-management firm’s private-client group, which oversees most of the company’s wealth advisory and brokerage business, reported a 23% jump in revenue, while pretax income increased 21%.
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Excluding the $21m pretax charge for acquisition related expenses, net income would have been $89,1m or $0.64 per diluted share for the third quarter of fiscal 2012, compared with net income, excluding a charge for the repurchase of auction rate securities, of $74.8m or $.59 per diluted share for the third quarter of fiscal 2011.
The bank loan-loss provision was $9.3m, up from $8.4m a year earlier and $5.15m in the prior quarter. The capital markets group reported a 58% jump in revenue, while profit surged 96%.
Raymond James Financial CEO Paul Reilly said the industry faces many macro-economic challenges including the European economic crisis, federal budget deficit, the uncertainty associated with the upcoming elections, artificially low interest rates and a growing regulatory burden.
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