Bolstered by its acquisition of Morgan Keegan this spring, Raymond James Financial Inc. reported net income Wednesday of $76.4 million, or $0.55 per diluted share for the third quarter of fiscal 2012, a 61 percent increase compared with net income of $ 46.8 million, or $0.37 per diluted share for the third quarter of fiscal 2011.
Excluding the $21 million pretax charge for acquisition related expenses for the $2.1 billion purchase of Morgan Keegan on April 2, net income would have been $ 89.2 million or $0.64 per diluted share for the third quarter of fiscal 2012, compared with net income, excluding a charge for the repurchase of auction rate securities, of $74.9 million or $.59 per diluted share for the third quarter of fiscal 2011.
St. Petersburg, Fla.-based Raymond James also reported net revenues of $1.09 billion, $214 million higher than the preceding quarter.
In a prepared statement, Raymond James CEO Paul Reilly said he is pleased with Raymond James' quarterly results given the Morgan Keegan integration efforts and a difficult market environment.
"With respect to Morgan Keegan, the systems and people integration have gone according to plan which is a testament to the combined management team and cultural similarities," Reilly said.
Raymond James Financial is a holding company that provides financial services to individuals, corporations and municipalities through its subsidiary companies. Total client assets are approximately $375 billion, of which approximately $40 billion are managed by the firm's asset management subsidiaries.