Revenue during the quarter grew 8.96 percent to $675.53 million from $619.97 million in the previous year period. Non-interest income for the quarter rose 3.36 percent over the last year period to $590.47 million.

Net interest margin improved 19 basis points to 2.66 percent in the quarter from 2.47 percent in the last year period.

“I’m pleased with our results, as Stifel generated a second consecutive quarter of record net revenue, and non-GAAP pre-tax margins were just under 15%, the highest level since the fourth quarter of 2014. Our continued growth on both the top and bottom line is a testament to Stifel’s diversified business strategy as well as our efforts to improve our expense efficiencies. In the first quarter, our net revenue was driven by record results in our Global Wealth Management segment that was due to further increases in fee-based revenue and improved net interest income at Stifel Bank. The growth in these recurring revenue streams over the past year and a half has helped to offset the volatility in our more transaction-driven institutional businesses. In terms of expense discipline, we continue to make progress on our cost-reduction initiatives as the first quarter represented the lowest non-compensation ratio at the firm in eleven quarters,” stated Ronald J. Kruszewski, Chairman & Chief executive officer of Stifel.

Meanwhile, nonperforming assets to total assets was 0.21 percent in the quarter, down from 0.28 percent in the last year period.