Stifel Financial Corp (SF) has reported 3.70 percent rise in profit for the quarter ended Sep. 30, 2016. The company has earned $17.81 million, or $0.21 a share in the quarter, compared with $17.18 million, or $0.22 a share for the same period last year. On an adjusted basis, the company has earned $54.72 million, or $0.38 a share for the quarter. Revenue during the quarter grew 8.52 percent to $641.99 million from $591.58 million in the previous year period.
"I am pleased with our results as Stifel generated $642 million in GAAP net revenue in the quarter. Excluding the revenue tied to the Sterne Agee businesses that we sold at the beginning of the quarter, GAAP net revenue increased 2% sequentially driven by our Global Wealth Management and Advisory businesses. We continue to benefit from the growth in our balance sheet, which increased to more than $17 billion during the quarter. In addition, our bottom line was positively impacted by our recently implemented cost reduction initiatives as adjusted non-compensation expense came in below our guidance for the quarter,” stated Ronald J. Kruszewski, chairman and chief executive officer of Stifel.
Meanwhile, nonperforming assets to total assets was 0.28 percent in the quarter, up from 0.03 percent in the last year period.
Book value per share was $40.65 for the quarter, up 10.97 percent or $4.02 compared to $36.63 for the same period last year.
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