Florida-based financial advisor and asset manager Raymond James Financial has reported a 24 per cent increase in unaudited net income to $63 million from $51 million in 2006 for its fourth quarter ended 30 September 2007 on net revenues of $692 million. Unaudited net income for the 12 months of fiscal 2007 was reported at a record $250 million, up from 2006’s $214 million, while net revenues increased to a record $2,610 million from $2,349 million the previous year. Chairman and chief executive Thomas James said: “Against the economic landscape of $90 oil, a sub-prime crisis and an apparently weakening US economy, it’s an excellent fourth fiscal quarter, capping a very good fiscal year. Raymond James is not in the sub-prime mortgage business and actual losses from bad loans continue to be very small. “The private client group continued to drive profitability as the quarter’s commissions and fees increased 22 per cent from last year. Investment banking revenues were also up 32 per cent, resulting from vibrant merger and acquisition activity. Net interest remains the major contributor to pre-tax profits, representing 68 per cent of the total, up 37 per cent from last year.”