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Jun 30, 2023
Stifel Q2 2023 Earnings Report
Stifel's Q2 2023 results reflected a diverse business model, with Global Wealth Management offsetting Institutional Group challenges, and equity capital markets showing improvement.
Key Takeaways
Stifel Financial Corp. reported net revenues of $1.1 billion for Q2 2023, consistent with the previous year. Net income was $125.0 million, or $1.10 per diluted share, compared to $151.5 million, or $1.29 per share in Q2 2022. Non-GAAP net income was $136.3 million, or $1.20 per diluted share. The Global Wealth Management segment had a record quarter, offsetting challenges in the Institutional Group.
Net revenues reached $1.1 billion amidst a challenging environment.
Non-GAAP net income available to common shareholders was $1.20 per share.
Net interest income increased by $96.3 million, a 49% rise year-over-year.
46 financial advisors were recruited, including 21 experienced employee advisors and 7 experienced independent advisors.
Revenue by Segment
Forward Guidance
Stifel anticipates a pickup in advisory revenue in the second half of the year and expects to capitalize on its increased scale as markets normalize.
Positive Outlook
- Equity capital markets revenue improved both sequentially and year-on-year.
- Anticipated pickup in advisory revenue in the second half of the year.
- Expectation to capitalize on increased scale as markets normalize.
- Continued investment in the business.
- Expense discipline maintained.
Challenges Ahead
- The outlook remains uncertain.
- Continued market challenges faced by the Institutional Group.
- Transactional revenues decreased 7% from the year-ago quarter reflecting a decrease in client activity.
- Asset management revenues decreased 3% from the year-ago quarter primarily due to declines in the markets.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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