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Jefferies Financial's Q2 net income jumps YOY; board hikes dividend

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Jefferies Financial's Q2 net income jumps YOY; board hikes dividend

Jefferies Financial Group Inc. reported second-quarter net income of $748.9 million, or $2.05 per share, compared with $74.1 million, or 16 cents per share, in the prior-year period.

Net income attributable to common shareholders was $725.5 million, or $2.03 per share, for the second quarter, compared with $58.2 million, or 16 cents per share, a year earlier.

Jefferies Group LLC, the company's subsidiary, posted total net revenues of $824 million. The unit's investment-banking division led the charge with $507 million in net revenue, marking a 42% increase from the same period of 2017.

The company's board has also authorized the repurchase of an additional 25 million shares, bringing the total authorization to 25.9 million shares.

The board also increased the company's dividend by 25% to 12.5 cents per share. The dividend will be payable Sept. 28 to shareholders on record as of Sept. 17.