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April 28, 2021
FOR IMMEDIATE RELEASE
Media Contact: Steve Hollister, 727.567.2824
Investor Contact: Kristina Waugh, 727.567.7654
raymondjames.com/news-and-media/press-releases




RAYMOND JAMES FINANCIAL REPORTS SECOND QUARTER
OF FISCAL 2021 RESULTS

Record quarterly net revenues of $2.37 billion, up 15% over the prior year’s fiscal second quarter and 7% over the preceding quarter
Record quarterly net income of $355 million, or $2.51 per diluted share, up 110% over net income in the prior year’s fiscal second quarter and 14% over the preceding quarter
Record client assets under administration of $1.09 trillion, financial assets under management of $178.2 billion, and net loans at Raymond James Bank of $22.9 billion
Record Private Client Group assets in fee-based accounts of $567.6 billion, increases of 48% over March 2020 and 7% over December 2020
Record Private Client Group financial advisors of 8,327, net increases of 179 over March 2020 and 94 over December 2020
Annualized return on equity for the quarter of 19.0% and annualized return on tangible common equity for the quarter of 21.2%(1)

ST. PETERSBURG, Fla – Raymond James Financial, Inc. (NYSE: RJF) today reported net revenues of $2.37 billion and net income of $355 million, or $2.51 per diluted share, for the fiscal second quarter ended March 31, 2021. The 15% increase in quarterly net revenues compared to the prior year’s fiscal second quarter was primarily driven by higher asset management and related administrative fees, investment banking revenues and brokerage revenues partially offset by the impact of lower short-term interest rates on net interest income and Raymond James Bank Deposit Program (“RJBDP”) fees from third-party banks. The 7% sequential increase in quarterly net revenues was primarily due to higher asset management and related administrative fees and brokerage revenues.

Record quarterly net income grew 110% over the prior year’s fiscal second quarter and 14% over the preceding quarter driven by the aforementioned record revenues and a $32 million bank loan benefit for credit losses. The effective tax rate of 20.6% for the quarter benefited from non-taxable gains on the corporate-owned life insurance portfolio.

For the first six months of the fiscal year, record net revenues of $4.59 billion increased 13% and record earnings per diluted share of $4.74 increased 53% over the first half of fiscal 2020. The Private Client Group, Capital Markets and Asset Management segments generated record net revenues and pre-tax income during the first six months of the fiscal year.

“Our continued focus on serving advisors and clients with industry-leading tools and resources led to record results for the first six months of the fiscal year, including record revenues and pre-tax income in our Private Client Group, Capital Markets and Asset Management segments,” said Chairman and CEO Paul Reilly. “Moreover, we are well positioned entering the second half of the fiscal year, with records for client assets under administration of $1.09 trillion, total number of Private Client Group financial advisors of 8,327, and net loans at Raymond James Bank of $22.9 billion.”


Please refer to the footnotes at the end of this press release for additional information.
1

The following information was filed by Raymond James Financial Inc (RJF) on Wednesday, April 28, 2021 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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