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Stifel Financial Corp. ( SF ) Financial Results 2nd Quarter 2021 STIFEL ST . LOUIS , MO , July 28 , 2021 - Stifel Financial Corp. ( NYSE : SF ) today reported net income available to common shareholders of $ 189.8 million , or $ 1.60 per diluted common share on net revenues of $ 1.2 billion for the three months ended June 30 , 2021 , compared with net income available to common shareholders of $ 103.0 million , or $ 0.92 per diluted common share ( 1 ) on net revenues of $ 895.8 million for the second quarter of 2020. For the three months ended June 30 , 2021 , the Company reported non- GAAP net income available to common shareholders of $ 202.1 million , or $ 1.70 per diluted common share . The Company's reported GAAP net income for the three months ended June 30 , 2021 was primarily impacted by merger - related expenses . Ronald J. Kruszewski , Chairman and Chief Executive Officer , said " Our results in the first half of 2021 are impressive . We generated consecutive quarters of record net revenue and our improved operating scale drove record non - GAAP earnings for both the quarter and the first half of the year . With both of the firm's operating segments driving our performance , I am optimistic that these results can be sustained , as illustrated by our increased guidance for the remainder of the year . " Highlights Record net revenues of $ 1.2 billion , increased 29 % compared with the year - ago quarter . Year - to - date record net revenues of $ 2.3 billion , increased 27 % over the comparable period last year . Record net income available to common shareholders of $ 1.60 per diluted common share , or $ 1.70 per diluted common share excluding the impact of merger - related expenses . This represents an increase of 74 % over the year - ago quarter . Year - to - date record net income available to common shareholders of $ 3.00 per diluted common share , or $ 3.20 per diluted common share excluding the impact of merger - related expenses . This represents an increase of 84 % over the comparable period last year . Record client assets of $ 402.4 billion , increased 31 % compared with the year - ago quarter . Annualized return on average tangible shareholders ' equity ( ROTCE ) ( 6 ) was 29 % , or 31 % excluding the impact of merger - related expenses . Tangible book value per common share of $ 25.87 ( 8 ) , up 29 % compared with the year ago quarter . Segment Highlights Global Wealth Management reported record net revenues , up 26 % compared with the year ago quarter reflecting growth in fee - based assets and client activity . Institutional Group reported record net revenues , up 31 % compared with the year ago quarter as a result of strong advisory fee and capital raising revenues . ( $ in 000s ) Financial Summary ( Unaudited ) 2Q 2021 2Q 2020 6m 2021 6m 2020 GAAP Financial Highlights : $ 1,153,136 $ 189,788 $ 895,817 $ 103,044 $ 2,287,925 $ 354,514 $ 1,808,851 $ 184,789 $ 1.60 $ 0.92 $ 3.00 $ 1.63 60.0 % 61.1 % 60.8 % 62.2 % 17.1 % 22.9 % 17.7 % 23.5 % 22.9 % 16.0 % 21.5 % 14.3 % Net revenues Net income ( 2 ) Diluted EPS ( 1 ) ( 2 ) Comp . ratio Non - comp . ratio Pre - tax margin Non - GAAP Financial Highlights : Net revenues Net income ( 2 ) ( 3 ) Diluted EPS ( 1 ) ( 2 ) ( 3 ) $ 1,153,098 $ 895,817 $ 2,288,078 $ 1,809,030 $ 202,067 $ 115,335 $ 378,492 $ 207,268 $ 1.70 $ 1.03 $ 3.20 $ 1.83 Comp . ratio ( 3 ) 59.5 % 60.0 % 60.2 % 61.3 % Non - comp . ratio ( 3 ) 16.2 % 22.2 % 16.9 % 22.8 % Pre - tax margin ( 4 ) 24.3 % 17.8 % 22.9 % 15.9 % ROCE ( 5 ) 20.6 % 14.1 % 19.7 % 12.7 % ROTCE ( 6 ) 30.5 % 23.2 % 29.5 % 20.9 % Global Wealth Management ( assets and loans in millions ) Net revenues $ 637,567 $ 505,782 $ 1,269,062 $ 1,088,738 Pre - tax net income $ 227,305 $ 156,325 $ 450,536 $ 350,492 Total client assets Fee - based client assets Bank loans , net ( 7 ) $ 402,442 $ 306,235 $ 148,838 $ 106,218 $ 13,165 $ 10,923 Institutional Group Net revenues Equity $ 1,026,892 $ 520,811 $ 398,096 $ 334,689 $ 211,044 $ 186,122 $ 187,052 Pre - tax net income $ 141,494 $ 83,049 $ 681,080 $ 345,812 $ 258,682 $ 730,334 $ 406,372 $ 323,962 $ 124,789 Fixed Income Media Contact : Neil Shapiro ( 212 ) 271-3447 | Investor Contact : Joel Jeffrey ( 212 ) 271-3610 | www.stifel.com/investor-relations