Oppenheimer Holdings Inc. (OPY) saw its loss widen to $4.85 million, or $0.36 a share for the quarter ended Mar. 31, 2017. In the previous year period, the company reported a loss of $3.85 million, or $0.29 a share.
Revenue during the quarter went down marginally by 0.79 percent to $213.26 million from $214.96 million in the previous year period. Non-interest income for the quarter rose 0.39 percent over the last year period to $202.70 million.
Albert G. Lowenthal, chairman and chief executive officer commented, "Oppenheimer continued to make meaningful progress during the first quarter with increased hiring of financial advisers and stronger results in investment banking as higher M&A advisory fees helped offset the continued weakness in the U.S. equities underwriting market. The hiring of senior investment bankers in healthcare and technology sectors during the first quarter will hopefully help us build off of this momentum. The fee-based business continued to perform well given the strong equity markets and continued adoption of fee-based strategies by our retail clients. Regrettably, the unexpected events related to the Israeli VAT issue significantly impacted what would have otherwise been an improving quarter. Otherwise, our legal and regulatory costs continued to decline during the period, as many of our new compliance related initiatives begin to have a positive effect."
Book value per share was $37.70 for the quarter, down 1.10 percent or $0.42 compared to $38.12 for the same period last year.
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