2023-03-23 17:30:10 ET
- Stifel Financial ( NYSE: SF ) on Thursday reported total client assets of $401.32B as of February 28, down 1.6% from the prior month and 3.4% lower Y/Y, hurt by decline in stock markets.
- Fee-based client assets at February 28 stood at $148.02B, 1.9% lower than January and down 4.2% Y/Y.
- Private client group fee-based client assets totaled $130.27B, down 1.9% from January-end and down 3.7% Y/Y.
- Net bank loans grew 18.6% Y/Y to $20.82B, but were just 0.2% higher than the previous month.
- "Operating conditions for investment banking remained challenging, as such, we estimate Q1 investment banking revenue will be down 5-10% from Q4 levels," said CEO Ronald Kruszewski.
- He stressed that Stifel's ( SF ) balance sheet remains strong and liquid. "While our client cash balances declined modestly due to seasonality and cash sorting in February, over the past two weeks, we attracted over $1.3B in additional bank deposits, including an increase in uninsured deposits."
- Earlier, client assets in January grew 5% on market appreciation .
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Stifel total client assets shrink in February hurt by decline in stock markets