Raymond James Financial reported higher fiscal third-quarter earnings as growth in advisory fees, investment banking and lending lifted results across the St. Petersburg-based firm.
Net income available to common shareholders increased to $595 million from $435 million a year earlier. Adjusted net income reached $620 million after excluding $25 million in acquisition-related expenses. Asset management and related administrative fees rose 20% to approximately $2.1 billion.
The Private Client Group generated $2.84 billion in quarterly revenue, up 14% from a year earlier, as market gains and client inflows increased the fees Raymond James collected from managed accounts. Pretax income in the segment rose 3% to $423 million as higher compensation and recruiting costs offset part of the revenue growth.
Capital Markets returned to a quarterly pretax profit of $48 million after posting a $54 million loss a year earlier. Revenue from merger and acquisition advisory work rose 43%, while debt underwriting increased 42% and equity underwriting climbed 32%.
Asset Management revenue rose 24% to $362 million as assets under management climbed 31% to $345 billion. The total included $36 billion from Clark Capital, which Raymond James acquired in April. The business generated $143 million in pretax income, up 14%.
The bank recorded a $26 million benefit for credit losses, compared with a $15 million provision a year earlier. Nonperforming assets declined 29% to $152 million, while the allowance for credit losses fell 14% to $398 million.
Through the first nine months of fiscal 2026, Raymond James reported $11.5 billion in net revenue, up 11% from a year earlier, and $1.7 billion in net income available to common shareholders. The company repurchased $400 million of its shares during the quarter and had $1.1 billion remaining under its buyback authorization as of June 30.