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26 April, 2024 21:37 IST
Raymond James Financial first-quarter earnings decline by 10.40 percent on a YOY basis
Source: IRIS | 05 Jul, 2017, 02.17PM

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Raymond James Financial, Inc. (RJF) has reported a 10.40 percent fall in profit for the quarter ended Mar. 31, 2017. The company has earned $112.76 million, or $0.77 a share in the quarter, compared with $125.85 million, or $0.87 a share for the same period last year. On the other hand, adjusted net income for the quarter stood at $188.47 million, or $1.28 a share compared with $129.66 million or $0.90 a share, a year ago.

Revenue during the quarter grew 19.18 percent to $1,563.64 million from $1,312 million in the previous year period.

Net interest margin contracted 1 basis points to 3.08 percent in the quarter from 3.09 percent in the last year period.

"We are pleased that both the revenues and earnings we generated during the first six months of fiscal 2017 represented a record start to a fiscal year," said chairman and chief executive officer Paul Reilly. "The records we achieved for client assets under administration, financial assets under management and loan balances at RJ Bank should position us well for the second half of the fiscal year."

At the same time, return on equity decreased 200 basis points to 8.80 percent in the quarter from 10.80 percent in the last year period.

Nonperforming assets moved down 19.97 percent or $12.76 million to $51.13 million on Mar. 31, 2017 from $63.88 million on Mar. 31, 2016. Meanwhile, nonperforming assets to total assets was 0.27 percent in the quarter, down from 0.40 percent in the last year period.

Tier-1 leverage ratio stood at 14.50 percent for the quarter, down from 15.30 percent for the previous year quarter. Book value per share was $36.28 for the quarter, up 10.27 percent or $3.38 compared to $32.90 for the same period last year.


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