The following is a summary of the Stifel Financial Corp. (SF) Q3 2024 Earnings Call Transcript:

Financial Performance:

• Stifel reported a net revenue of $1.23 billion for Q3 2024, marking a 17% year-on-year increase. This quarter was the second highest in the company's history.

• Earnings per share (EPS) were $1.50, a 150% increase from the same period last year. Excluding legal reserves, the adjusted EPS would have been $1.60, representing a 36% year-over-year increase.

• Net interest income increased by 4% reaching the high end of their guidance, with sweep deposit balances up by nearly $370 million.

• Year-to-date, Stifel has generated a record net revenue of $3.6 billion, up 13%.

Business Progress:

• The Wealth Management franchise continues to drive growth, with a record revenue of $827 million and pre-tax margins of 37%.

• Stifel added 28 advisors during the quarter, enhancing its platform's productivity and client asset management.

• The company is focusing on a conservative growth strategy, managing interests and Smart Rates effectively to adapt to interest rate changes.

Opportunities:

• Stifel anticipates further revenue growth and operational improvements as markets continue to normalize, aiming to capitalize on their investment in the business.

• The company is positioned well to benefit from increasing client assets aiming towards a target of $1 trillion, backed by its top-ranking in Employee Advisor Satisfaction by J.D. Power.

Risks:

• Despite strong overall performance, certain business segments like Asset Management underperformed during the quarter, falling below Street estimates due to lower third-party cash suite revenue.

• The ongoing geopolitical risks and the outcome of upcoming elections pose uncertainties that might affect business dynamics going forward.

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