
Stifel net revenue rises 13% to $1.45 billion
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- Stifel reported second-quarter net revenue of $1.45 billion, up 13%, while diluted EPS increased to $1.34.
- Stifel shares were up 0.1% at $77.61 following the earnings release.
- Investment banking revenue rose 42%, while client assets reached a record $580.1 billion.
Stifel Financial (NYSE:SF) reported second-quarter net revenue of $1.45 billion, up 13%, as investment banking and wealth-management revenue increased.
Net income available to common shareholders rose 49% to $217.2 million, while diluted EPS increased from $0.89 to $1.34.
Non-GAAP pre-tax margin reached 21.7%, annualized ROTCE was 23.6% and tangible book value per share increased 15% to $25.52.
Following the announcement, Stifel Financial's share price was up 0.1% at $77.61.
Global Wealth Management generated record net revenue of $956.5 million, while Institutional Group net revenue increased to $480.7 million.
Stifel also repurchased 2.4 million shares for $177 million and declared a quarterly common dividend of $0.34 per share.