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Stifel reports second best quarter in company history

Stifel reports second best quarter in company history

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Stifel Nicolaus

FILE PHOTO: Stifel Financial's headquarters building at 501 N. Broadway in downtown St. Louis in Dec. 2011.  Photo by Johnny Andrews

ST. LOUIS — Revenue swelled 30% during Stifel Financial Corp.'s third quarter, making it the company's second-best quarter in its history, the financial services firm said Wednesday. 

Stifel reported $1.1 billion in revenue in the quarter ending Sept. 30, up from $883.3 million over the same period last year. Profits rose 62% to $196 million. 

Stifel's Institutional Group revenues increased 36%, and Global Wealth Management revenues grew 24%.

"Based on the strength of our recruiting and investment banking pipelines, as well as our leverage to higher interest rates," Chairman and CEO Ron Kruszewski said in a statement, "Stifel remains well positioned to continue and build upon our decades long growth."

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