Stifel Financial Corp (SF) has reported an 140.60 percent jump in profit for the quarter ended Dec. 31, 2016. The company has earned $26.88 million, or $0.31 a share in the quarter, compared with $11.17 million, or $0.14 a share for the same period last year. On the other hand, adjusted net income for the quarter stood at $54.18 million, or $0.68 a share compared with $40.21 million or $0.51 a share, a year ago.
Revenue during the quarter grew 13.78 percent to $661.39 million from $581.29 million in the previous year period. Non-interest income for the quarter rose 7.62 percent over the last year period to $586.66 million.
Net interest margin contracted 21 basis points to 2.24 percent in the quarter from 2.45 percent in the last year period.
"I'm very happy to announce we posted our 21st consecutive year of record net revenues despite what was a challenging operating environment for the vast majority of the year. The business we've built over the past 20 years continues to benefit from the diversity of our revenue streams and is well positioned if the post-election market optimism continues. Our results underscore this diversity as the investments we made in 2015 helped drive substantial growth in net interest income, asset management & service fees, fixed income brokerage and trading, and advisory revenue. These more than offset weaker institutional commissions and underwriting revenue," stated Ronald J. Kruszewski, chairman and chief executive officer of Stifel.
Deposits outpace loan growth
Meanwhile, nonperforming assets to total assets was 0.21 percent in the quarter, up from 0.01 percent in the last year period.
Book value per share was $41.09 for the quarter, up 10.49 percent or $3.90 compared to $37.19 for the same period last year.
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