Jefferies just reported a big jump in profits
Getty Images/ Rob Kim
Net earnings rose to $41.2 million in the three months ended Aug. 31, from $2.1 million a year earlier.
The bank posted fixed-income trading revenue of $195.3 million, compared with a negative $18.2 million a year earlier.
Jefferies, a unit of Leucadia National Corp, kicks off the reporting season for investment banks and is often viewed as an indicator of the performance of Wall Street banks.
"Aside from a volatile two week period following the unexpected outcome of the UK 'Brexit' referendum in June, fixed income and equity secondary market conditions remained reasonably steady for much of the third quarter," Chief Executive Officer Rich Handler said in a statement.
Overall trading revenue soared about 86 percent to $343.6 million.
However, revenue from investment banking fell 24.3 percent to $294.9 million, down for the third straight quarter hurt by fewer initial public offerings.
There were 55 IPOs in the United States this year as of Sept. 15, down 64 percent from a year earlier, according to Thomson Reuters data.
Jefferies said revenue from advising on mergers and acquisitions was "solid" and that its backlog for the four quarter was the highest it has been all year. (Reporting by Sudarshan Varadhan in Bengaluru and Olivia Oran in New York; Editing by Saumyadeb Chakrabarty and Jeffrey Benkoe)
- US buys 81 Soviet-era combat aircraft from Russia's ally costing on average less than $20,000 each, report says
- 2 states where home prices are falling because there are too many houses and not enough buyers
- A couple accidentally shipped their cat in an Amazon return package. It arrived safely 6 days later, hundreds of miles away.
- India Inc marks slowest quarterly revenue growth in January-March 2024: Crisil
- Nothing Phone (2a) India-exclusive Blue Edition launched starting at ₹19,999
- SC refuses to plea seeking postponement of CA exams scheduled in May
- 10 exciting weekend getaways from Delhi within 300 km in 2024
- Foreign tourist arrivals in India will cross pre-pandemic level in 2024
- JNK India IPO allotment date
- JioCinema New Plans
- Realme Narzo 70 Launched
- Apple Let Loose event
- Elon Musk Apology
- RIL cash flows
- Charlie Munger
- Feedbank IPO allotment
- Tata IPO allotment
- Most generous retirement plans
- Broadcom lays off
- Cibil Score vs Cibil Report
- Birla and Bajaj in top Richest
- Nestle Sept 2023 report
- India Equity Market