Raymond James Financial Inc. reported fiscal first-quarter net income attributable to the company of $146.6 million, or $1.00 per share, compared with $106.3 million, or 73 cents per share, in the year-ago period.
Adjusted net income came in at $155.6 million, or $1.07 per share, versus $107.5 million, or 73 cents per share, in the fiscal first quarter of 2016.
The S&P Capital IQ consensus normalized EPS estimate for the quarter was $1.01.
The company credited the jump in adjusted net income to record revenues and a favorable tax rate. Net revenues for the quarter were $1.49 billion, up from $1.27 billion in the prior-year period.
Raymond James' private client group recorded pretax income of $73.4 million, up year over year from $69.1 million. The capital markets segment posted pretax income of $21.4 million, down from $25.2 million a year earlier. The asset management segment logged pretax income of $41.9 million, compared with $33.4 million in the same quarter of the previous year.
Raymond James Bank NA recorded pretax income of $104.1 million, up year over year from $65.9 million.