Source:  Tampa Bay Business Journal, Online Daily

A market rally in the quarter that ended June 30 led to improved financial results for Raymond James Financial Inc. compared to the first quarter of 2009.(Barry Alpert, CEO Council member)

Net income for the three months ended June 30, the third quarter of Raymond James’ fiscal year, was $43.6 million, or 36 cents a share, the company said in a release. Profit was down 39 percent from the same period in 2008, when net income was $69.9 million, or 59 cents a share. But income for the quarter ended June 30 was up 600 percent compared to the immediately preceding quarter, the release said.
 
Gross revenue for quarter ended June 30 was $632.3 million, down 22 percent from $808.7 million in revenue the year-ago period, but up 6 percent from the quarter ended March 31. The financial services firm reported quarter-over-quarter declines in securities commissions and fees, and in revenue from investment banking. Trading profits in the fixed income department were up, the release said.

Raymond James Bank posted a $27.4 million pre-tax profit, down 28 percent from a year ago, but up from a loss of $12.4 million in the quarter ended March 31. The bank took a loan loss provision expense of $29.8 million in the just-ended quarter, and the allowance for loan losses as a percentage of total loans increased from 1.84 percent in the immediately preceding quarter to 1.9 percent.

Raymond James pumped $35 million in additional capital into the bank during the quarter, and decided not to replace all the loan payoffs, the release said. Assets fell to $8.3 billion as of June 30, compared to $9.1 billion on March 31 and $8.3 billion on June 30, 2008.

Raymond James Financial (NYSE: RJF), headquartered in St. Petersburg, is a diversified financial services company providing services to individuals, corporations and municipalities.