Accessible version Securities Broker/Dealer - China (H/A) 1H25 wrap-up: Fee income back in the game; mixed trading income in 3Q Price Objective Change Fee income back to double-digit growth after 3 years Brokers reported better-than-expected revenue and earnings growth in 1H25, backed by market sentiment rebound. Net profit grew by 40% YoY (excluding one-offs) in 1H25, or +33%/18% QoQ in 2Q25. Total operating income rose by 24% YoY, with 18% YoY growth in fee income and 48% YoY surge in trading income on av ...

Key Takeaways RJF is expected to have recorded higher Q3 revenues, while earnings might have dipped year over year. Strong IB and trading activity are likely to have driven fee income in a volatile market backdrop. Non-interest expenses are likely to have risen nearly 6% due to advisor hiring and inflationary pressures.Raymond James (RJF) is scheduled to announce third-quarter fiscal 2025 (ended June 30) results on July 23, after market close. The company’s earnings are expected to have declined marginall ...