Raymond James Financial posted a 39 percent drop in third quarter profits Wednesday, with commissions, fees and investment banking revenue still far shy of year-ago levels. But the St. Petersburg firm's comparisons to the preceding quarter were far more favorable: a 600 percent increase in net income and 6 percent increase in net revenues. "The market rally in the June quarter was sufficient to generate a material increase in profits from the second quarter, but not nearly enough to emulate the record revenues and net income attained in last year's comparable quarter," chief executive Tom James said. The company made $42.6 million, or 36 cents per share in the quarter ending June 30, down from $69.9 million, or 59 cents a share, in the year-ago period. Net revenues fell 16 percent to $625 million. Raymond James' banking unit swung back to profitability from the second quarter, with pre-tax profits of $27.4 million, despite allocating another $29.8 million to offset possible loan losses.
Raymond James Financial profits drop 39 percent in third quarter
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