Stifel Financial Corp. reported significant growth in its financial performance for the three and nine months ended September 30, 2024, compared to the same periods in 2023. Total revenues for Q3 2024 reached $1,475.9 million, a 16.6% increase from $1,265.6 million in Q3 2023. Net revenues also rose by 17.2% to $1,224.7 million, up from $1,045.1 million. The company’s net income for the third quarter surged to $158.5 million, a 132.5% increase from $68.2 million in the prior year, while net income available to common shareholders rose to $149.2 million from $58.8 million.
For the nine months ended September 30, 2024, total revenues increased by 15.6% to $4,358.8 million, compared to $3,769.2 million in 2023. Net income for this period was $487.4 million, reflecting a 35.4% increase from $360.1 million in the previous year. The growth in revenue was attributed to higher investment banking, asset management, and transactional revenues, despite a decline in net interest income.
Stifel's investment banking revenues for Q3 2024 rose significantly by 65.6% to $243.2 million, while asset management revenues increased by 14.9% to $382.6 million. Commissions also saw an uptick, reaching $183.4 million, up from $165.1 million in Q3 2023. The company’s principal transactions revenue increased by 19.4% to $137.1 million.
On the balance sheet, total assets as of September 30, 2024, were $38.9 billion, up from $37.7 billion at the end of 2023. Total liabilities increased to $33.4 billion from $32.4 billion, while total equity rose to $5.6 billion from $5.3 billion. Cash and cash equivalents decreased significantly to $1.9 billion from $3.4 billion, primarily due to cash used in operating and investing activities.
Strategically, Stifel completed the acquisition of Finance 500, Inc. and CB Resource, Inc. on August 1, 2024, enhancing its brokerage and investment services. The company also retired $500 million of its 4.25% senior notes in July 2024. The firm continues to focus on revenue growth and maintaining strong client relationships while managing its operational costs, which increased due to higher compensation and benefits expenses.
Overall, Stifel Financial Corp. demonstrated robust growth in revenues and profitability, supported by strategic acquisitions and a strong performance in investment banking and asset management.
About STIFEL FINANCIAL CORP
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