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Raymond James Financial 8-K Report, Financial Results (Oct 23, 2024)

Reports
Earnings & Results·Exhibits & Filings
Filing Date
Filed October 23, 2024
Period End
October 23, 2024
Security
RJF
In the record · 2016–202610-K1010-Q338-K266

RJF filed 10 annual reports (10-K), 33 quarterly reports (10-Q) and 266 current reports (8-K) between 2016 and 2026.

  1. Material agreement8-K · Jun ’16Jun ’16
  2. Material agreement8-K · Feb ’19Feb ’19
  3. Leadership change8-K · Dec ’22Dec ’22
  4. Leadership change8-K · Sep ’26Sep ’26

01—Abstract

Summary

Summary of the 8-K filed October 23, 2024. Cited figures are marked; the original filing is the authoritative source.

Raymond James Financial, Inc. (NYSE: RJF) reported record fiscal fourth-quarter and fiscal 2024 results for the period ended September 30, 2024.

Quarterly net revenues were $3.46 billiona, up 13% year over year, and net income available to common shareholders was $601 million, or $2.86 per diluted share. Adjusted net income available to common shareholders was $621 million, or $2.95 per diluted share, excluding $25 million of acquisition-related expenses. For fiscal 2024, net revenues were a record $12.82 billion, up 10%, and net income available to common shareholders was a record $2.06 billion, up 19%.

Return on common equity was 18.9% for the year. Growth was led by the Private Client Group and Capital Markets. Private Client Group client assets under administration reached $1.51 trillionb, and fee-based account assets reached $875.2 billion, up 28% year over year.

Domestic Private Client Group net new assets were $13.0 billionc for the quarter and $60.7 billion for fiscal 2024. Capital Markets quarterly net revenues rose 42% to $483 million, driven by investment banking revenues of $306 million. Bank segment net interest margin was 2.62% for the quarter, down 25 basis points year over year, and criticized loans rose to 1.47% of loans held for investment from 1.15% in the prior quarter.

The company repurchased 2.6 million shares for $300 milliond in the fourth quarter and returned approximately $1.3 billion to shareholders in fiscal 2024 through buybacks and dividends. About $645 million remained under the Board's repurchase authorization at quarter end.

The total capital ratio was 24.1% and the tier 1 leverage ratio was 12.8%, both described as well above regulatory requirements. The filing furnishes the earnings press release, a financial supplement, and an earnings presentation as exhibits.

02—Key points

Key Highlights

  1. Record fiscal 2024 net revenues of $12.82 billion (up 10%) and record net income available to common shareholders of $2.06 billion (up 19%).
  2. Fourth-quarter net revenues of $3.46 billion (up 13% year over year) and diluted EPS of $2.86; adjusted diluted EPS was $2.95.
  3. Client assets under administration reached a record $1.57 trillion, up 25% year over year; fee-based account assets reached $875.2 billion, up 28%.
  4. Domestic Private Client Group net new assets were $60.7 billion for fiscal 2024, equal to annualized growth of 5.5% from beginning-of-period assets.
  5. Capital Markets quarterly net revenues rose 42% to $483 million, with investment banking revenues of $306 million, up 58%.
  6. Bank segment net interest margin fell to 2.62% from 2.87% a year earlier, and criticized loans rose to 1.47% of loans held for investment.
  7. Approximately $1.3 billion returned to shareholders in fiscal 2024; about $645 million remains under the buyback authorization, with a 24.1% total capital ratio at quarter end.

03—Questions

Frequently Asked Questions

  1. How did Raymond James perform in its fiscal fourth quarter of 2024?

    The company reported record quarterly net revenues of $3.46 billion, up 13% year over year and 7% sequentially. Net income available to common shareholders was $601 million, or $2.86 per diluted share, up 39% from the prior year's fourth quarter. Adjusted diluted EPS, which excludes $25 million of acquisition-related expenses, was $2.95.

  2. What drove the growth in revenue and assets?

    The filing attributes quarterly revenue growth primarily to higher asset management and related administrative fees and investment banking revenues. Client assets grew with strong equity markets and net new asset inflows. Client assets under administration reached $1.57 trillion, up 25% from September 2023.

  3. How did the Bank segment perform?

    Bank segment pre-tax income rose 26% year over year to $98 million, mainly because expenses fell more than net revenues declined. Net revenues fell 4% to $433 million, largely due to lower net interest margin of 2.62%. Criticized loans rose to 1.47% of loans held for investment from 1.15% in the prior quarter, though the filing describes credit quality as solid.

  4. What did the company do with capital in fiscal 2024?

    Raymond James repurchased 2.6 million shares for $300 million in the fourth quarter, and 7.7 million shares for $900 million across fiscal 2024. Including dividends, it returned approximately $1.3 billion to shareholders during the year. About $645 million remains under the Board's repurchase authorization, and the total capital ratio was 24.1%.

04—Continue

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