Raymond James Financial reported a 13 percent drop in net income for its fourth quarter, despite what chairman Thomas James called "glimmerings of more stability in the financial markets."
The St. Petersburg financial services company posted quarterly income of $43 million, or 36 cents a share, compared to income of $49.1 million, or 41 cents a share, in the year-ago period. Total revenues fell 11 percent to $678 million.
The company's Raymond James Bank unit had pretax profits of $10.4 million though it continued to add to loan loss reserves. To help the bank meet the thrift qualification test, James said the bank's balance sheet was "temporarily expanded" by about $3.2 billion funded by short-term borrowing from the Federal Home Loan Bank and temporary client deposits.
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