The financials within Raymond James are hovering in record territory again. This time, in a good way.
Rebounding from an abysmal 2009 fiscal year, the St. Petersburg financial services firm late Wednesday said it posted net income of $69 million in its fourth quarter, ended Sept. 30, up 61 percent from $43 million in the year-ago period. Net revenue for the quarter reached a record $748 million, up 12 percent.
That surge boosted Raymond James' just-ended fiscal year to net income of $228 million, up 49 percent from a year ago and close to the record set in 2007. Its net revenue of $2.9 billion was up 15 percent from last fiscal year and was also a record.
Paul Reilly, who took over as chief executive in April, called the results "especially gratifying because they reflect our investment in people … combined with a strict cost-control mandate during the tsunami in our financial system."
Reilly attributed the rebound in part to aggressively recruiting high-quality financial advisers, investment bankers, institutional salespeople and traders in anticipation of a recovery "while much of the financial services industry was in shock."
The payoff: The company reached a record $249 billion in client assets under management even though its total number of U.S. financial advisers fell from 4,781 a year ago to 4,729 currently. It beefed up its presence in the United Kingdom, with 145 advisers, up from 116 a year ago.
In a release, Raymond James described the rebound as broad-based, with all major segments improving, including equity capital markets and fixed income. Its bank subsidiary, Raymond James Bank, improved its loan portfolio as new loan originations "appear to be offsetting" loan runoffs, the company said.
"The economic recovery has been erratic," Reilly said, "but shows signs of slow growth."
Results were released after the close of market. Shares in Raymond James closed Wednesday at $28.32, up 1 percent.