Raymond James profit jumps on higher asset management revenue

Reuters

July 23 (Reuters) - Brokerage and investment bank Raymond James Financial Inc's quarterly profit jumped 46 percent, driven by growth in its asset management business.

Net income rose to $122.69 million, or 85 cents per share, for the third quarter ended June 30, from $83.86 million, or 59 cents per share, a year earlier. (http://bit.ly/1z3OzI8)

Net revenue increased about 9.5 percent to $1.21 billion. Net asset management revenue grew 19 percent to $91.22 million, helped by market appreciation and positive net flows.

Analysts on an average had expected earnings of 72 cents per share on revenue of $1.18 billion, according to Thomson Reuters I/B/E/S.

(Reporting by Avik Das in Bangalore; Editing by Joyjeet Das)

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