Raymond James Financial(US:RJF)2024-04-25 03:31Financial Performance Highlights - Raymond James Financial reported record net revenues of $3.118 billion for Fiscal 2Q24, a 9% increase compared to Fiscal 2Q23 and a 3% increase compared to Fiscal 1Q24[26, 31] - The company's net income available to common shareholders was $474 million, up 12% compared to Fiscal 2Q23, but down 5% compared to Fiscal 1Q24[31] - Adjusted net income available to common shareholders was $494 million, an 11% increase compared to Fiscal 2Q23, but a 4% decrease compared to Fiscal 1Q24[31] - Diluted earnings per common share were $2.22, a 15% increase compared to Fiscal 2Q23, but a 4% decrease compared to Fiscal 1Q24[31] - Adjusted diluted earnings per common share were $2.31, a 14% increase compared to Fiscal 2Q23, but a 4% decrease compared to Fiscal 1Q24[31] Segment Results - The Private Client Group (PCG) achieved record net revenues of $2.341 billion, a 9% increase compared to Fiscal 2Q23 and a 5% increase compared to Fiscal 1Q24[26] - Asset Management also achieved record net revenues of $252 million, a 17% increase compared to Fiscal 2Q23 and a 7% increase compared to Fiscal 1Q24[26] - The Bank segment reported net revenues of $424 million, a 21% decrease compared to Fiscal 2Q23 and a 4% decrease compared to Fiscal 1Q24[26] Balance Sheet and Capital Management - Total assets reached $81.232 billion, a 3% increase compared to Fiscal 2Q23 and a 1% increase compared to Fiscal 1Q24[14] - RJF corporate cash was $2.030 billion, an 11% increase compared to Fiscal 2Q23 and a 3% decrease compared to Fiscal 1Q24[14] - Total common equity attributable to RJF was $10.905 billion, a 10% increase compared to Fiscal 2Q23 and a 2% increase compared to Fiscal 1Q24[14] - The company repurchased 2.03 million shares from January 1, 2024, through April 19, 2024, for $250 million, at an average price of $123.12 per share[9]