Florida-based Raymond James Financial has reported a 90 per cent increase from the prior year’s quarterly net income to $82 million for its first fiscal quarter, which it reports as the three months to 31 December 2010. In comparison, the firm earned $43 million for the first quarter of fiscal 2010.

Net revenue for the first quarter was $814 million, an 18 per cent increase over last year’s first fiscal quarter. Consecutively, net revenue was 9 per cent higher, and net income was 18 per cent higher.

The private client group along with Raymond James Bank led the growth, the company said in a statement.

Assets under administration were at a record level of $262 billion and advisor productivity continued to improve, the firm said. Assets under management grew to $33.4 billion as a result of both improvement in the markets and net inflows, according to the earnings statement.