Raymond James announces quarterly results

by Richard Kilner

Story link: Raymond James announces quarterly results

Raymond James Financial, Inc. has announced its quarterly financial results.

The firm saw profits decrease by 90% from the prior year’s quarterly net income to $6,093,000, equivalent to $0.05 per diluted share.

Net income was down 15% to $589,667,000 with gross revenues down 26% to $596,411,000.

In the previous year’s comparable quarter Raymond James Financial enjoyed net income of $59,790,000.

Thomas A. James, chairman and chief executive officer, has stated that the general malaise afflicting the financial sector has affected the firm’s loan portfolio.

It was announced recently that Thomas A. James would be replaced as CEO by incoming president Paul Reilly in approximately a year’s time.

James will however retain the post of chairman.

He went on to say that it was difficult to forecast the future given the turbulent economic weather but did state that the firm would continue to make extra provisions for loan losses during the rest of 2009.

Underwriting activity has increased recently, and he predicted asset management stabilisation in the near future, but added that securities would remain difficult for the rest of the calendar year.