Raymond James Financial Inc · Q2 2022 earnings

Briefing

Raymond James reported second quarter of fiscal 2022 results, with net revenues of $2.67 billion and net income of $323 million.

Raymond James Financial reported net revenues of $2.67 billion and net income of $323 million, or $1.52 per diluted share, for the fiscal second quarter ended March 31, 2022. Quarterly net revenues grew 13% over the prior year’s fiscal second quarter primarily driven by higher asset management and related administrative fees, reflecting the strong year-over-year growth in Private Client Group assets in fee-based accounts and net interest income.

• Domestic Private Client Group net new asset growth of 11% over the prior 12 months and nearly 9% annualized for the fiscal second quarter
• Quarterly net revenues of $2.67 billion, up 13% over the prior year’s fiscal second quarter
• Quarterly net income of $323 million, or $1.52 per diluted share, and quarterly adjusted net income of $331 million, or $1.55 per diluted share
• Record PCG financial advisors of 8,730, net increases of 403 over March 2021 and 266 over December 2021

Headline financials

Revenue & EPS history

Raymond James is well positioned for the expected increases in short-term interest rates with healthy loan growth at Raymond James Bank, a high concentration of floating-rate assets, record clients’ domestic cash sweep balances and solid capital ratios providing ample balance sheet flexibility. The TriState Capital Holdings acquisition, which is currently anticipated to close by the end of the fiscal third quarter, is expected to further increase floating-rate, interest-earning assets and diversify funding sources.