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Raymond James profits up 45%

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  • | 9:58 p.m. April 20, 2011
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  • Tampa Bay-Lakeland
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ST. PETERSBURG — Raymond James Financial Inc. (symbol: RJF) earned $80.9 million in net income on $852 million in net revenues in the second quarter of 2011. Those numbers are up 45% and 16% respectively from last year's second quarter.

The company's net revenues were a record, but net income was actually 1% higher last quarter. Raymond James has earned just less than $163 million in profits through the first six months of 2011.

CEO Paul Reilly refuses to get too excited about his firm's future prospects, considering the significant number of unknown variables that remain in the marketplace.

“The uncertain economic outlook, global unrest and mountain of proposed regulatory rules keep our optimism in check, but we look forward to meeting these challenges,” Reilly says in a prepared statement.

Raymond James has been active in growing the size of its business. In March, the company hired a pair of analysts away from UBS; earlier this month, Raymond James closed on its acquisition of Howe Barnes Hoefer & Arnett Inc., a Chicago-based brokerage that manages more than $1.9 billion in assets for 4,500 clients.

Also in April, the St. Petersburg-based firm completed a $250 million debt issue.


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