Stifel Financial has posted a net income of $21.1m, or $0.60 per diluted share, for the second quarter ended June 30, 2010, compared to $15.8m, or $0.51 per diluted share, in the same quarter last year.
Net revenues for the second quarter of 2010 were $328m, compared to $261.5m in the same period of 2009.
For the six months ended June 30, 2010, the company posted net income of $44.8m, or $1.28 per diluted share, compared with $29m, or $0.94 per diluted share, in the prior year period. Net revenues in the first half of 2010 were $640m compared with $481.5m in the same half of 2009.
Results for the quarter and six months ended June 30, 2010 were impacted by merger-related expenses of $0.09 per share related to the merger with Thomas Weisel Partners Group, which closed on July 1, 2010.
Excluding the merger-related charges, net income was $24.1m, or $0.69 per diluted share, and $47.8m, or $1.37 per diluted share, for the three and six months ended June 30, 2010, respectively.
Ronald Kruszewski, chairman and CEO of Stifel Financial, said: “We are very pleased to report record quarterly revenue and record six-month net income and revenue results, which reflect the investments we’ve made over the past several years.
“Our capital raising and strategic advisory deal pipeline is promising, although we recognize that we will need a functional market environment to realize its full revenue potential. Looking forward, we will continue our goal of balanced growth by capitalizing on opportunities to build-out our global wealth management business.”