The US regional broker-dealer took a 34% hit in its third quarterly net income (US$172m) compared to the same period a year prior.

The plummet can be attributed to the firm’s loan loss provision of US$81m compared to a US$5m benefit in 2019’s fiscal third quarter. Despite the decline, net income climbed by two percent from the previous quarter. The firm also reported a five percent drop in Q3 net revenues of US$1.83 billion, largely driven by the impact of lower short-term interest rates on both net interest income the Raymond James deposit program fees from third-party banks. The firm remains a top 10 distrib

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