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EX - 99.1 2 rjf20201231q121earnings.htm EX - 99.1 PRESS RELEASE DATED JANUARY 27 , 2021 January 27 , 2021 RAYMOND JAMES 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 FIRST QUARTER OF FISCAL 2021 RESULTS Record quarterly net revenues of $ 2.22 billion , up 11 % over the prior year's fiscal first quarter and 7 % over the preceding quarter Record quarterly net income of $ 312 million , or $ 2.23 per diluted share , and record adjusted quarterly net income of $ 314 million ( ¹ ) , or $ 2.24 per diluted share ( 1 ) Records for client assets under administration of $ 1.02 trillion , financial assets under management of $ 169.6 billion , and net loans at Raymond James Bank of $ 22.0 billion Record Private Client Group assets in fee - based accounts of $ 532.7 billion , increases of 20 % over December 2019 and 12 % over September 2020 Private Client Group financial advisors of 8,233 , a net increase of 173 over December 2019 and a net decrease of 6 compared to September 2020 • Record quarterly investment banking revenues of $ 261 million , driven by record M & A results • Annualized return on equity for the quarter of 17.2 % and annualized return on tangible common equity for the quarter of 19.0 % ( 1 ) ST . PETERSBURG , Fla – Raymond James Financial , Inc. ( NYSE : RJF ) today reported net revenues of $ 2.22 billion and net income of $ 312 million , or $ 2.23 per diluted share , for the fiscal first quarter ended December 31 , 2020. Record quarterly net revenues grew 11 % over the year - ago period and 7 % over the preceding quarter , primarily driven by higher asset management and related administrative fees , investment banking revenues , and brokerage revenues . Record quarterly net income grew 16 % compared to the prior year's fiscal first quarter primarily driven by the aforementioned higher revenues and a lower effective tax rate , which more than offset the negative impact of lower short - term interest rates on net interest income and RJBDP fees . Compared to the preceding quarter , net income increased 49 % largely due to higher net revenues , combined with a lower provision for credit losses on bank loans and the reduction in workforce ( 2 ) expenses in the prior quarter . The effective tax rate of 21.8 % in the quarter benefited from non - taxable gains in the corporate - owned life insurance portfolio . " With strength across our businesses , we achieved record results this quarter including record revenues and pre - tax income in the Capital Markets and Asset Management segments , reinforcing the value of having diverse and complementary businesses , " said Chairman and CEO Paul Reilly . " Reflecting our focus on long - term growth and our commitment to deploying excess capital , we closed the acquisition of NWPS , a retirement plans solutions provider , at the end of the quarter , and announced the pending acquisition of Financo , a consumer - focused M & A advisory firm . Both of these firms represent great cultural and strategic fits , and we are excited about welcoming the teams to our Raymond James family . " Please refer to the footnotes at the end of this press release for additional information . 1