Record-Breaking Revenue and Growth
Stifel achieved record net revenue of over $1.4 billion and record client assets. The quarter produced the third highest earnings per share in firm history and a record for any third quarter at $1.95. Return on tangible common equity exceeded 24%.
Strong Performance in Global Wealth Management
Global Wealth Management delivered another record quarter with revenue of $907 million and pretax margins of nearly 38%, the highest in almost 2 years. Total client assets reached a record $544 billion, with record fee-based assets of $219 billion.
Investment Banking Revenue Surge
Investment Banking revenue was up 33%, marking the strongest quarter since late 2021. Institutional revenue was $500 million, up 34% from the prior year. Equity capital raising revenue was $79 million, the best since late 2021.
Asset Management Growth
Asset Management revenue rose 13% on market appreciation and improved organic growth.
Deposit Growth
Client cash levels increased with sweep deposits up $640 million and non-wealth deposits up $760 million.