Q1 2025 Stifel Financial Corp Earnings Call Transcript
Key Points
- Stifel Financial Corp (SF) achieved a record first-quarter revenue of $1.3 billion, marking the highest first-quarter revenue in its history.
- The Global Wealth Management segment saw record asset management revenue, contributing to overall revenue growth.
- Investment banking revenues rose by 11%, driven by increases in both capital raising and advisory services.
- The company added 52 advisors during the quarter, including nine experienced advisors, enhancing its wealth management capabilities.
- Stifel Financial Corp (SF) maintained a strong balance sheet with a Tier 1 leverage capital ratio of 10.8% and a Tier 1 risk-based capital ratio of 17.6%.
- The company's bottom line was negatively impacted by a significant legal charge of $180 million, affecting EPS by $1.16.
- Net interest income fell short of expectations due to lower-than-expected loan growth and a decrease in net interest margin.
- Market volatility and uncertainty, particularly related to tariffs and monetary policy, have slowed investor confidence and activity in certain market segments.
- The Wealth Management segment experienced modest asset outflows and a decline in fee-based assets due to weaker equity markets.
- Fixed income underwriting revenue declined by 9% year-on-year, primarily due to lower issuance activity from corporate credit clients.
Good day, and welcome to the Stifel Financial first-quarter 2025 financial results conference call. Today's conference is being recorded. At this time, I would like to turn the conference over to Mr. Joel Jeffrey, Head of Investor Relations. Please go ahead.
Thanks, operator. I'd like to welcome everyone to Stifel Financial's first-quarter 2025 conference call. I'm joined on the call today by our Chairman and CEO, Ron Kruszewski; our Co-Presidents, Victor Nesi and James Zemlyak; and look at our CFO, Jim Marischen.
Earlier this morning, we issued an earnings release and posted a slide deck and financial supplement to our website. It can be found on the Investor Relations page at www.stifel.com. I would note that some of the numbers that we staged throughout our presentation are presented on a non-GAAP basis, and I refer you to our reconciliation of GAAP and non-GAAP as disclosed in our press release. I would also
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