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Defying trend, Raymond James Financial posts record results

While many other financial companies have been having problems, Raymond James Financial Inc. reported record results for the third quarter. The St. Petersburg company said net income rose 2 percent, to $69.9-million, or 59 cents per share. Net revenues were up 8 percent, to $742-million.

"Our results prove the naysayers' forecasts of reduced revenues and profits for industry participants to be ill-founded," chairman Thomas James said. "There continues to be excellent demand for financial advisory services for retail investors."

Raymond James Bank was once again a bright spot for the company, along with an increase in revenue from fixed income commissions.

Although he acknowledged the risk of recession, James said he expects economic growth to return by the second half of next year.

Defying trend, Raymond James Financial posts record results 07/23/08 [Last modified: Thursday, July 24, 2008 4:54pm]
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