Raymond James Financial on Thursday announced record annual net revenue and annual net income for the 2011 fiscal year.
The St. Petersburg-based financial services company posted $3.33 billion in net revenue, up 14 percent from the previous year, and $278.4 million in net income, up 22 percent.
Net income per share was up 20 percent to $2.19 from $1.38.
"These results are impressive given that they were tempered by historically low interest earnings on cash balances and also include the (pretax $45 million) charge for auction-rate securities, which is now behind us," CEO Paul Reilly said in a statement. "We have continued to invest in all of our business segments by recruiting financial advisers, investment bankers, lenders, public finance professionals, institutional salespeople and traders, while delivering record results."
For the fourth quarter, net income was up 47 percent from the prior quarter to $68.9 million and was essentially flat with last year's fourth quarter earnings of $69.1 million. Net revenue was $817.8 million, down 4 percent from the prior quarter and up 9 percent from last year's fourth quarter.