Piper Jaffray Companies (PJC) has reported a 731.97 percent jump in profit for the quarter ended Mar. 31, 2017. The company has earned $20.28 million, or $1.31 a share in the quarter, compared with $2.44 million, or $0.16 a share for the same period last year. On the other hand, adjusted net income for the quarter stood at $27.48 million, or $1.77 a share compared with $10.61 million or $0.70 a share, a year ago.
Revenue during the quarter surged 30.59 percent to $200.53 million from $153.56 million in the previous year period. Non-interest income for the quarter rose 25.07 percent over the last year period to $187.39 million.
"The firm began the year with very strong performance," said Andrew S. Duff, chairman and chief executive officer of Piper Jaffray. "Our advisory business continued its momentum with a record first quarter and was supported by contributions from equity capital raising and fixed income trading."
Return on average equity was negative at 0.50 percent in the quarter against a positive 4.70 percent in the last year period.
Book value per share for quarter was almost stable at $60.87, when compared with the previous year period.
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