Q3 2024 Raymond James Financial Inc Earnings Call Transcript
Key Points
- Raymond James Financial Inc (RJF) reported record fiscal third-quarter net revenues of $3.23 billion, an increase of 11% over the prior year quarter.
- Quarterly net income available to common shareholders was $491 million, or $2.31 per diluted share, with adjusted net income at $508 million, or $2.39 per diluted share.
- Client assets grew to record levels, driven by rising equity markets and solid adviser retention and recruiting, with total client assets under administration increasing to $1.48 trillion.
- The Private Client Group generated record quarterly net revenues of $2.42 billion and pretax income of $441 million year over year.
- Raymond James Financial Inc (RJF) repurchased 2 million shares of common stock for $243 million during the quarter, bringing the fiscal year-to-date total to 5.1 million shares for $600 million.
- The Capital Markets segment generated a pretax loss of $14 million, reflecting weak M&A results and the impact of amortization of deferred compensation.
- Net interest margin in the bank segment declined by two basis points to 2.64% compared to the preceding quarter.
- Non-compensation expenses increased by 6% sequentially, largely due to a favorable legal and regulatory net reserve release of $32 million in the preceding quarter that did not recur.
- Client domestic cash sweep and enhanced saving program balances ended the quarter at $56.4 billion, down 3% compared to the preceding quarter.
- The firm anticipates a potential headwind from an expected OSJ (Office of Supervisory Jurisdiction) departure in the next quarter, which could impact net new assets.
Good evening, and welcome to Raymond James Financial's fiscal 2024 third-quarter earnings call. This call is being recorded and will be available for replay on the company's Investor Relations website. I'm Kristie Waugh, Senior Vice President of Investor Relations.
Thank you for joining us.
With me on the call today are Paul Reilly, Chair and Chief Executive Officer, and Paul Shoukry, President and Chief Financial Officer. The presentation being reviewed today is available on Raymond James' Investor Relations website. Following the prepared remarks, the operator will open the line for questions.
Call your attention to Slide 2, please note that certain statements made during this call may constitute forward-looking statements. These statements include, but are not limited to, information concerning future strategic objectives, business prospects financial results, industrial market conditions, anticipated timing and benefits of our acquisitions and our level
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