Florida-based investment and financial services group Raymond James Financial has reported a slight increase over the prior year’s quarterly net income to $70.0 million for the third quarter ended 30 June 2008. In comparison, the firm earned $68.4 million for 2007’s third quarter. Net revenues increased 8 per cent to $742 million while total revenues decreased 2 per cent to $809 million.

Net income for the first nine months of fiscal 2008 was reported at $185.9 million, down 1 per cent from 2007’s $187.5 million, while net revenues increased 10 per cent to $2.12 billion from $1.92 billion the previous year.

Chairman and chief executive Thomas James said: “Unlike our peers, we managed to slightly exceed the earnings results of last year’s third quarter, which was previously our best quarter. As contrasted to this year’s earlier quarters, pre-tax income wasn’t driven by the performance of our private client group segment, which generated only flat commission and fee revenues compared to last year. Net revenues of $451 million only nominally exceeded those achieved in the third quarter of 2007. Pre-tax income of $36.6 million was 35 per cent under that achieved last year, as net interest spreads declined by one-third and non-interest expenses grew by 5 per cent.”