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Stifel's net income jumps YOY in Q2 to $84.9M on higher recurring revenue

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Stifel's net income jumps YOY in Q2 to $84.9M on higher recurring revenue

Stifel Financial Corp. reported second-quarter net income available to common shareholders of $84.9 million, or $1.04 per share, compared to $50.5 million, or 63 cents per share, in the year-ago quarter.

The S&P Capital IQ consensus normalized EPS estimate for the quarter was $1.15.

Net revenues for the quarter climbed 2.4% year over year to $742.7 million, compared to $725.6 million in the year-ago quarter.

Revenues from commissions were $166.9 million for the three-month period, compared with $172.3 million in the year-ago quarter. Revenue from principal transactions was $89.0 million, which was down from $95.7 million in the same period a year earlier.

Total investment banking revenues were $161.1 million, a decrease from the $185.3 million booked in the second quarter of 2017.