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Raymond James posts $49 million in net income in first quarter

Raymond James Financial continued a slow climb in revenue and profits from its low mark in early 2009, but its quarterly profit was still down 20 percent from a year ago.

The St. Petersburg brokerage and investment banking firm on Wednesday reported net income of $49 million, or 39 cents a share, in its first fiscal quarter ended Dec. 31, down from $61.1 million, or 50 cents, in the year-ago period. Revenues rose 3 percent to $687 million.

"While progress is slower than we would like, financial market, economic and Raymond James' results continue to improve since last year's March quarter," company chairman and CEO Tom James said.

Compared to the preceding quarter, net income was up 14 percent, aided by a surge in the wealth management side of the business and tighter cost controls.

Results were released after the market closed Wednesday. Shares in Raymond James closed at $25.13, up 8 cents.

Raymond James posts $49 million in net income in first quarter 01/20/10 [Last modified: Wednesday, January 20, 2010 6:04pm]
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