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October 23, 2019
 
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 FOURTH QUARTER AND
FISCAL YEAR 2019 RESULTS


Record quarterly net revenues of $2.02 billion, up 7% over the prior year’s fiscal fourth quarter and 5% over the preceding quarter
Record quarterly net income of $265 million, or $1.86 per diluted share, and record adjusted quarterly net income of $284 million(1), or $2.00 per diluted share(1)
Record annual net revenues of $7.74 billion, record annual net income of $1.03 billion, and record adjusted annual net income of $1.07 billion(1)
Record client assets under administration of $838.3 billion and record net loans at Raymond James Bank of $20.9 billion
Record number of Private Client Group financial advisors of 8,011, net increases of 198 over September 2018 and 107 over June 2019
Annualized return on equity for the quarter of 16.2%, or 17.3% on an adjusted basis(1), and return on equity for the fiscal year of 16.2%, or 16.7% on an adjusted basis(1) 


ST. PETERSBURG, Fla - Raymond James Financial, Inc. (NYSE: RJF) today reported record net revenues of $2.02 billion and record net income of $265 million, or $1.86 per diluted share, for the fiscal fourth quarter ended September 30, 2019. Excluding a $19 million goodwill impairment associated with our Canadian Capital Markets business, adjusted quarterly net income was $284 million(1), or $2.00 per diluted share(1). Net revenue growth of 7% over the prior year’s fiscal fourth quarter was largely attributable to higher Private Client Group assets in fee-based accounts and higher net interest income, primarily at Raymond James Bank. The 5% increase in net revenues over the preceding quarter was mostly driven by sequential growth of asset management and related administrative fees, investment banking revenues and tax credit funds revenues.

As previously disclosed, in the fiscal fourth quarter, the firm repurchased approximately 2.13 million shares for $161.2 million, an average price of approximately $75.75 per share. Including these purchases, in fiscal 2019 the firm repurchased approximately 9.83 million shares for $752 million, an average price of approximately $76.50 per share. In total, the firm repurchased approximately 6.5% of shares outstanding at the beginning of the fiscal year and returned total capital of approximately $945 million to shareholders through the combination of dividends and share repurchases. As of October 22, 2019, $750 million remained available under the Board’s current share repurchase authorization announced on August 16, 2019.

For fiscal year 2019, record net revenues of $7.74 billion increased 6%, record net income of $1.03 billion increased 21%, adjusted net income of $1.07 billion(1) increased 11%, and adjusted earnings per diluted share of $7.40(1) increased 14% over fiscal year 2018. Return on equity for the fiscal year was 16.2%, or 16.7%(1) on an adjusted basis.


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, October 23, 2019 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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