Raymond James financials up

Raymond James Financial Inc. reported a roughly nine-fold increase in net income compared to last year's second quarter in its most recent earnings announcement, released this week.

Net income for the quarter ended March 31 was $55.63 million compared to the $6.09 million in net income earned in the second quarter of the 2009 fiscal year. Net revenues were $734.44 million, up 26%.

The increases were driven partly by the company's recent successes, and partly by the impact a down market had on 2009 performance, said CEO Thomas A. James in a statement accompanying the release.

“Although the comparisons to last year's March quarter are gratifying and, in some part, well earned, the 2009 quarter occurred during the bleakest days of the financial meltdown,” James said in the release. “Consequently, it's not surprising that Raymond James has dramatically outperformed in this comparison.”

At the same time, James pointed to gains relative to last quarter to demonstrate that his company has seen growth in the last three months as well. Net income in the quarter ended Dec. 31, 2009 was $42.9 million, indicating a 30% increase most recently.