Raymond James Financial reported fiscal first quarter net revenues of $3.74 billion, a 6% increase year-over-year, driven by record client assets under administration of $1.77 trillion, up 14% from December 2024. The firm achieved adjusted net income of $577 million, or $2.86 per diluted share, excluding $15 million of acquisition-related expenses. Annualized return on common equity was 18.0%, with an adjusted return on tangible common equity of 21.4%.

The Private Client Group delivered record net revenues of $2.77 billion, up 9% from the prior year’s first quarter and 4% sequentially. Assets under administration rose 15% year-over-year to $1.71 trillion, including fee-based accounts of $1.04 trillion, a 19% increase. Domestic net new assets totaled $30.8 billion during the quarter, representing an annualized growth rate of 8.0%. Pre-tax income for the segment was $439 million, down 5% from a year ago but up 6% sequentially.

Capital Markets revenues declined 21% year-over-year to $380 million, with investment banking revenues of $200 million, down 37%, reflecting timing of deal closings. Pre-tax income in the segment was $9 million. The Asset Management unit delivered record quarterly revenues of $326 million, up 11% from last year and 4% sequentially, on financial assets under management of $280.8 billion, a 15% year-over-year increase. Pre-tax income in asset management was $143 million, up 14% year-over-year.

The banking segment reported net revenues of $487 million, up 15% year-over-year, driven by net interest margin expansion to 2.81% and loan growth to $53.4 billion, a 13% increase. Pre-tax income rose 47% to $173 million. The company increased its quarterly dividend by 8% to $0.54 per share and repurchased $400 million of stock at an average price of $162 per share, leaving $1.9 billion available under its $2 billion buyback authorization. The total capital ratio was 24.3% and tier 1 leverage ratio was 12.7%, both well above regulatory requirements.