Stifel Earnings: Wealth Management Continues to Power Earnings; Capital Markets Recovering

Stifel Financial reported its second-highest quarterly revenue as its wealth management business continued its steady growth and its institutional capital markets business showed some signs of recovery. For the first quarter, the company reported net income to common shareholders of $154 million, or $1.40 per diluted share, on $1.2 billion of net revenue. Net revenue increased 5.1% year over year and 1.5% sequentially, as double-digit growth in asset management revenue, high-single-digit growth in commissions, and modest growth in investment banking revenue offset declines in net interest income.