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April 28 , 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 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