Raymond James quarterly profit soars on capital market, wealth management strength

Jan 29 (Reuters) - Raymond James Financial RJF.N reported a 19.5% rise in first-quarter profit on Wednesday, bolstered by strong performance in its capital markets and wealth management businesses.

The results extend a sturdy performance by U.S. banks in the last three months of 2024 on expectations of a more friendlier regulatory environment under President Donald Trump for deals and offerings.

Bankers now expect global deal volumes to surpass $4 trillion this year, the highest in four years.

Quarterly net revenue jumped 14% to about $2.55 billion in the firm's private client group unit, primarily driven by higher asset management and related administrative fees and brokerage revenue.

Capital markets revenue climbed 42% over last year to $480 million, while total investment banking revenue jumped 80% to $325 million.

Investment banking revenue at Wall Street giants Morgan Stanley MS.N and Goldman Sachs GS.N jumped 25% and 24%, respectively, during the same period.

Adjusted net income available to common shareholders rose to $614 million, or $2.93 per share, from $514 million, or $2.40 per share, a year earlier, Raymond James said.