rjf-20210428


April 28, 2021						FOR IMMEDIATE RELEASE
						Media Contact: Steve Hollister, 727.567.2824
						Investor Contact: Kristina Waugh, 727.567.7654
						raymondjames.com/news-and-media/press-releases

RAYMOND JAMES FINANCIAL REPORTS SECOND QUARTER

OF FISCAL 2021 RESULTS

•Record quarterly net revenues of $2.37 billion, up 15% over the prior year’s fiscal second quarter and 7% over the preceding quarter

•Record quarterly net income of $355 million, or $2.51 per diluted share, up 110% over net income in the prior year’s fiscal second quarter and 14% over the preceding quarter

•Record client assets under administration of $1.09 trillion, financial assets under management of $178.2 billion, and net loans at Raymond James Bank of $22.9 billion

•Record Private Client Group assets in fee-based accounts of $567.6 billion, increases of 48% over March 2020 and 7% over December 2020

•Record Private Client Group financial advisors of 8,327, net increases of 179 over March 2020 and 94 over December 2020

•Annualized return on equity for the quarter of 19.0% and annualized return on tangible common equity for the quarter of 21.2%(1)

ST. PETERSBURG, Fla – Raymond James Financial, Inc. (NYSE: RJF) today reported net revenues of $2.37 billion and net income of $355 million, or $2.51 per diluted share, for the fiscal second quarter ended March 31, 2021. The 15% increase in quarterly net revenues compared to the prior year’s fiscal second quarter was primarily driven by higher asset management and related administrative fees, investment banking revenues and brokerage revenues partially offset by the impact of lower short-term interest rates on net interest income and Raymond James Bank Deposit Program (“RJBDP”) fees from third-party banks. The 7% sequential increase in quarterly net revenues was primarily due to higher asset management and related administrative fees and brokerage revenues.

Record quarterly net income grew 110% over the prior year’s fiscal second quarter and 14% over the preceding quarter driven by the aforementioned record revenues and a $32 million bank loan benefit for credit losses. The effective tax rate of 20.6% for the quarter benefited from non-taxable gains on the corporate-owned life insurance portfolio.

For the first six months of the fiscal year, record net revenues of $4.59 billion increased 13% and record earnings per diluted share of $4.74 increased 53% over the first half of fiscal 2020. The Private Client Group, Capital Markets and Asset Management segments generated record net revenues and pre-tax income during the first six months of the fiscal year.

“Our continued focus on serving advisors and clients with industry-leading tools and resources led to record results for the first six months of the fiscal year, including record revenues and pre-tax income in our Private Client Group, Capital Markets and Asset Management segments,” said Chairman and CEO Paul Reilly. “Moreover, we are well positioned entering the second half of the fiscal year, with records for client assets under administration of $1.09 trillion, total number of Private Client Group financial advisors of 8,327, and net loans at Raymond James Bank of $22.9 billion.”

Please refer to the footnotes at the end of this press release for additional information.

RAYMOND JAMES FINANCIAL, INC.

Fiscal Second Quarter of 2021

Segment Results

Private Client Group

•Record quarterly net revenues of $1.65 billion, up 10% over the prior year’s fiscal second quarter and 12% over the preceding quarter

•Record quarterly pre-tax income of $192 million, up 13% compared to the prior year’s fiscal second quarter and 37% over the preceding quarter

•Record Private Client Group assets under administration of $1.03 trillion, up 40% over March 2020 and 6% over December 2020

•Record Private Client Group assets in fee-based accounts of $567.6 billion, up 48% over March 2020 and 7% over December 2020

•Record Private Client Group financial advisors of 8,327, net increases of 179 over March 2020 and 94 over December 2020

•Quarter-end record clients’ domestic cash sweep balances of $62.8 billion, up 19% over March 2020 and 2% over December 2020

Growth in quarterly net revenues was primarily attributable to record assets in fee-based accounts and higher brokerage revenues, largely driven by equity market appreciation and the net addition of financial advisors.

“With our continued focus on supporting, retaining and attracting high-quality financial advisors, we generated a solid net increase in the number of financial advisors during the quarter,” said Reilly. “Recruiting activity remains strong across all of our affiliation options, as prospective advisors continue to be attracted to our advisor- and client-focused culture, leading technology solutions, and robust product and service offerings.”

Capital Markets

•Quarterly net revenues of $433 million, up 49% over the prior year’s fiscal second quarter and down 4% compared to the preceding quarter

•Quarterly pre-tax income of $105 million, up 275% over the prior year’s fiscal second quarter and down 19% compared to the preceding quarter

•Quarterly investment banking revenues of $226 million, up 65% over the prior year’s fiscal second quarter and down 11% compared to the preceding quarter

•Record quarterly brokerage revenues of $176 million, up 35% over the prior year’s fiscal second quarter and 2% over the preceding quarter

Record brokerage revenues were driven by continued strength in fixed income brokerage revenues which increased 58% over the prior-year period and 8% over the preceding quarter. While lower than the record set in the preceding quarter, investment banking revenues grew 65% over the prior-year period primarily driven by record equity underwriting revenues and strong M&A revenues.

“The strong investment banking results reflect the significant investments made over the past several years to deepen and expand our platform,” said Reilly. “At quarter-end, we completed the previously-announced acquisition of Financo, further strengthening our M&A capabilities with its extensive expertise and relationships in the consumer sector. We are excited to welcome the Financo team to the Raymond James family.”

Please refer to the footnotes at the end of this press release for additional information.

RAYMOND JAMES FINANCIAL, INC.

Fiscal Second Quarter of 2021

Asset Management

•Record quarterly net revenues of $209 million, up 14% over the prior year’s fiscal second quarter and 7% over the preceding quarter

•Record quarterly pre-tax income of $87 million, up 19% over the prior year’s fiscal second quarter and 5% over the preceding quarter

•Record financial assets under management of $178.2 billion, up 39% over March 2020 and 5% over December 2020

Record quarterly results were primarily attributable to growth of financial assets under management driven by equity market appreciation and net inflows into fee-based accounts in the Private Client Group. Carillon Tower Advisers also generated significant net inflows during the quarter.

Raymond James Bank

•Quarterly net revenues of $160 million, down 24% compared to the prior year’s fiscal second quarter and 4% compared to the preceding quarter

•Quarterly pre-tax income of $111 million, up 693% compared to the prior year’s fiscal second quarter and 56% over the preceding quarter

•Record net loans of $22.9 billion, up 5% over March 2020 and 4% over December 2020

•Net interest margin (NIM) of 1.94% for the quarter, down 108 basis points compared to the prior year’s fiscal second quarter and 8 basis points compared to the preceding quarter

Quarterly net revenues declined 24% compared to the prior year’s fiscal second quarter primarily due to the impact of lower short-term interest rates. Pre-tax income growth was primarily due to the $32 million loan loss reserve release in the quarter compared to provision for credit losses in both comparative periods.

The Bank’s NIM declined 8 basis points during the quarter to 1.94%, largely due to the growth of the agency-backed securities portfolio. Nonperforming assets remained low at 0.09% of total assets. Net charge-offs of $2 million were related to opportunistic loan sales in the quarter. The bank loan loss benefit was largely attributable to improving macroeconomic conditions. The bank loan allowance for credit losses as a percent of total loans ended the quarter at 1.50%.

Other

In the fiscal second quarter, the firm repurchased 500,000 shares for $60 million, an average price of approximately $120 per share, leaving $680 million available under the authorization as of April 28, 2021. At the end of the quarter, the total capital ratio was 24.7% and the tier 1 leverage ratio was 12.2%, both well above the regulatory requirements.

A conference call to discuss the results will take place tomorrow morning, Thursday, April 29, at 8:15 a.m. ET. The live audio webcast, and the presentation which management will review on the call, will be available at www.raymondjames.com/investor-relations/financial-information/quarterly-earnings. For a listen-only connection to the conference call, please dial: 800-757-5680 (conference code: 21993654). An audio replay of the call will be available at the same location until June 30, 2021.

About Raymond James Financial, Inc.

Raymond James Financial, Inc. (NYSE: RJF) is a leading diversified financial services company providing private client group, capital markets, asset management, banking and other services to individuals, corporations and municipalities. The company has approximately 8,300 financial advisors. Total client assets are $1.09 trillion. Public since 1983, the firm is listed on the New York Stock Exchange under the symbol RJF. Additional information is available at www.raymondjames.com.

Please refer to the footnotes at the end of this press release for additional information.


RAYMOND JAMES FINANCIAL, INC. Fiscal Second Quarter of 2021			Selected Financial Highlights (Unaudited)

Summary results of operations


	Three months ended						% change from
$ in millions, except per share amounts	March 31, 2021		March 31, 2020		December 31, 2020		March 31, 2020	December 31, 2020
Net revenues	$	2,372	$	2,068	$	2,222	15%	7%
Pre-tax income	$	447	$	239	$	399	87%	12%
Net income	$	355	$	169	$	312	110%	14%

Earnings per common share: (2)
Basic	$	2.58	$	1.22	$	2.27	111%	14%
Diluted	$	2.51	$	1.20	$	2.23	109%	13%


Non-GAAP measures: (1)
Adjusted pre-tax income	NA		NA		$	401	NA	11%
Adjusted net income	NA		NA		$	314	NA	13%
Adjusted earnings per common share - basic (2)	NA		NA		$	2.29	NA	13%
Adjusted earnings per common share - diluted (2)	NA		NA		$	2.24	NA	12%


	Six months ended
$ in millions, except per share amounts	March 31, 2021		March 31, 2020		% change
Net revenues	$	4,594	$	4,077	13%
Pre-tax income	$	846	$	598	41%
Net income	$	667	$	437	53%

Earnings per common share: (2)
Basic	$	4.85	$	3.15	54%
Diluted	$	4.74	$	3.09	53%


Non-GAAP measures: (1)
Adjusted pre-tax income	$	848	NA		42%
Adjusted net income	$	669	NA		53%
Adjusted earnings per common share - basic (2)	$	4.87	NA		55%
Adjusted earnings per common share - diluted (2)	$	4.76	NA		54%

Please refer to the footnotes at the end of this press release for additional information.

RAYMOND JAMES FINANCIAL, INC.

Fiscal Second Quarter of 2021


Consolidated Statements of Income (Unaudited)

	Three months ended						% change from
in millions, except per share amounts	March 31, 2021		March 31, 2020		December 31, 2020		March 31, 2020	December 31, 2020
Revenues:
Asset management and related administrative fees	$	1,173	$	1,006	$	1,067	17%	10%
Brokerage revenues:
Securities commissions	443		410		381		8%	16%
Principal transactions	148		105		147		41%	1%
Total brokerage revenues	591		515		528		15%	12%
Account and service fees	159		172		145		(8)%	10%
Investment banking	242		148		261		64%	(7)%
Interest income	200		285		203		(30)%	(1)%
Other (3)	44		(15)		56		NM	(21)%
Total revenues	2,409		2,111		2,260		14%	7%
Interest expense	(37)		(43)		(38)		(14)%	(3)%
Net revenues	2,372		2,068		2,222		15%	7%
Non-interest expenses:
Compensation, commissions and benefits	1,648		1,422		1,500		16%	10%
Non-compensation expenses:
Communications and information processing	107		99		99		8%	8%
Occupancy and equipment	57		56		57		2%	—
Business development	21		41		23		(49)%	(9)%
Investment sub-advisory fees	31		26		28		19%	11%
Professional fees	24		23		30		4%	(20)%
Bank loan provision/(benefit) for credit losses (4)	(32)		109		14		NM	NM
Acquisition-related expenses (5)	—		—		2		—	(100)%

Other (3)	69		53		70		30%	(1)%
Total non-compensation expenses	277		407		323		(32)%	(14)%
Total non-interest expenses	1,925		1,829		1,823		5%	6%
Pre-tax income	447		239		399		87%	12%
Provision for income taxes	92		70		87		31%	6%
Net income	$	355	$	169	$	312	110%	14%


Earnings per common share – basic (2)	$	2.58	$	1.22	$	2.27	111%	14%
Earnings per common share – diluted (2)	$	2.51	$	1.20	$	2.23	109%	13%
Weighted-average common shares outstanding – basic	137.8		138.4		136.8		—	1%
Weighted-average common and common equivalent shares outstanding – diluted	141.2		141.1		139.7		—	1%

Please refer to the footnotes at the end of this press release for additional information.

RAYMOND JAMES FINANCIAL, INC.

Fiscal Second Quarter of 2021


Consolidated Statements of Income (Unaudited)

	Six months ended
in millions, except per share amounts	March 31, 2021		March 31, 2020		% change
Revenues:
Asset management and related administrative fees	$	2,240	$	1,961	14%
Brokerage revenues:
Securities commissions	824		773		7%
Principal transactions	295		202		46%
Total brokerage revenues	1,119		975		15%
Account and service fees	304		350		(13)%
Investment banking	503		289		74%
Interest income	403		582		(31)%
Other (3)	100		14		614%
Total revenues	4,669		4,171		12%
Interest expense	(75)		(94)		(20)%
Net revenues	4,594		4,077		13%
Non-interest expenses:
Compensation, commissions and benefits	3,148		2,773		14%
Non-compensation expenses:
Communications and information processing	206		193		7%
Occupancy and equipment	114		113		1%
Business development	44		85		(48)%
Investment sub-advisory fees	59		52		13%
Professional fees	54		44		23%
Bank loan provision/(benefit) for credit losses (4)	(18)		107		NM
Acquisition-related expenses (5)	2		—		NM

Other (3)	139		112		24%
Total non-compensation expenses	600		706		(15)%
Total non-interest expenses	3,748		3,479		8%
Pre-tax income	846		598		41%
Provision for income taxes	179		161		11%
Net income	$	667	$	437	53%


Earnings per common share – basic (2)	$	4.85	$	3.15	54%
Earnings per common share – diluted (2)	$	4.74	$	3.09	53%
Weighted-average common shares outstanding – basic	137.3		138.4		(1)%
Weighted-average common and common equivalent shares outstanding – diluted	140.4		141.3		(1)%

Please refer to the footnotes at the end of this press release for additional information.


RAYMOND JAMES FINANCIAL, INC.			Consolidated Selected Key Metrics
Fiscal Second Quarter of 2021			(Unaudited)


	As of										% change from
$ in millions, except per share amounts	March 31, 2021				March 31, 2020			December 31, 2020			March 31, 2020	December 31, 2020
Total assets	$	56,066			$	49,809		$	53,657		13%	4%
Total equity attributable to Raymond James Financial, Inc.	$	7,592			$	6,798		$	7,363		12%	3%
Book value per share (6)	$	55.34			$	49.69		$	53.59		11%	3%
Tangible book value per share (1) (6)	$	49.42			$	45.50		$	47.93		9%	3%

Capital ratios:
Tier 1 capital	23.6		%	(7)	24.1		%	23.4		%
Total capital	24.7		%	(7)	25.3		%	24.6		%
Tier 1 leverage	12.2		%	(7)	14.2		%	12.9		%


	Three months ended						Six months ended
	March 31, 2021		March 31, 2020		December 31, 2020		March 31, 2021		March 31, 2020
Return on equity (8)	19.0	%	9.9	%	17.2	%	18.1	%	13.0	%
Adjusted return on equity (1) (8)	NA		NA		17.3	%	18.2	%	NA
Return on tangible common equity (1) (8)	21.2	%	10.8	%	19.0	%	20.1	%	14.2	%
Adjusted return on tangible common equity (1) (8)	NA		NA		19.1	%	20.2	%	NA
Pre-tax margin (9)	18.8	%	11.6	%	18.0	%	18.4	%	14.7	%
Adjusted pre-tax margin (1) (9)	NA		NA		18.0	%	18.5	%	NA
Total compensation ratio (10)	69.5	%	68.8	%	67.5	%	68.5	%	68.0	%
Effective tax rate	20.6	%	29.3	%	21.8	%	21.2	%	26.9	%


Client asset metrics ($ in billions)	As of						% change from
	March 31, 2021		March 31, 2020		December 31, 2020		March 31, 2020	December 31, 2020
Client assets under administration	$	1,085.4	$	773.9	$	1,024.8	40%	6%
Private Client Group assets under administration	$	1,028.1	$	734.0	$	974.2	40%	6%
Private Client Group assets in fee-based accounts	$	567.6	$	383.5	$	532.7	48%	7%
Financial assets under management	$	178.2	$	128.2	$	169.6	39%	5%


Clients’ domestic cash sweep balances ($ in millions)	As of						% change from
	March 31, 2021		March 31, 2020		December 31, 2020		March 31, 2020	December 31, 2020
Raymond James Bank Deposit Program (“RJBDP”): (11)
Raymond James Bank	$	28,174	$	28,711	$	26,697	(2)%	6%
Third-party banks	25,110		20,379		26,142		23%	(4)%
Subtotal RJBDP	53,284		49,090		52,839		9%	1%
Client Interest Program	9,517		3,782		8,769		152%	9%
Total clients’ domestic cash sweep balances	$	62,801	$	52,872	$	61,608	19%	2%


	Three months ended						Six months ended
	March 31, 2021		March 31, 2020		December 31, 2020		March 31, 2021		March 31, 2020
Average yield on RJBDP - third-party banks (12)	0.30	%	1.33	%	0.31	%	0.31	%	1.48	%


Private Client Group financial advisors	As of			% change from
	March 31, 2021	March 31, 2020	December 31, 2020	March 31, 2020	December 31, 2020
Employees	3,375	3,376	3,387	—	—
Independent contractors	4,952	4,772	4,846	4%	2%
Total advisors	8,327	8,148	8,233	2%	1%

Please refer to the footnotes at the end of this press release for additional information.


RAYMOND JAMES FINANCIAL, INC.			Consolidated Net Interest
Fiscal Second Quarter of 2021			(Unaudited)

The following tables present our consolidated average interest-earning asset and interest-bearing liability balances, interest income and expense and the related rates.


Consolidated Net Interest
	Three months ended
	March 31, 2021						March 31, 2020						December 31, 2020
$ in millions	Average balance		Interest		Annualized average rate		Average balance		Interest		Annualized average rate		Average balance		Interest		Annualized average rate
Interest-earning assets:
Cash and cash equivalents	$	5,284	$	2	0.20	%	$	4,601	$	16	1.40	%	$	5,712	$	4	0.25	%
Assets segregated pursuant to regulations	10,087		5		0.18	%	2,820		11		1.64	%	5,816		3		0.21	%
Available-for-sale securities	7,997		21		1.08	%	3,443		19		2.28	%	7,478		23		1.21	%
Brokerage client receivables	2,222		19		3.36	%	2,366		21		3.57	%	2,082		18		3.48	%
Bank loans, net of unearned income and deferred expenses:
Loans held for investment:
Commercial and industrial (“C&I”) loans (13)	7,540		48		2.56	%	8,017		81		3.99	%	7,535		51		2.63	%
Commercial real estate (“CRE”) loans (13)	2,665		17		2.54	%	2,620		26		3.93	%	2,582		17		2.59	%
Real estate investment trust (“REIT”) loans (13)	1,309		8		2.50	%	1,322		12		3.69	%	1,235		8		2.43	%
Tax-exempt loans (14)	1,227		8		3.35	%	1,212		8		3.36	%	1,237		8		3.35	%
Residential mortgage loans	5,005		34		2.72	%	4,847		38		3.13	%	5,001		35		2.77	%
Securities-based loans and other	4,638		26		2.23	%	3,469		31		3.60	%	4,286		25		2.29	%
Loans held for sale	177		1		1.89	%	142		2		3.85	%	141		1		2.94	%
Total bank loans, net	22,561		142		2.56	%	21,629		198		3.67	%	22,017		145		2.62	%
All other interest-earning assets	2,201		11		1.87	%	2,487		20		2.96	%	2,288		10		2.00	%
Total interest-earning assets	$	50,352	$	200	1.61	%	$	37,346	$	285	3.06	%	$	45,393	$	203	1.78	%
Interest-bearing liabilities:
Bank deposits:
Savings, money market and Negotiable Order of Withdrawal accounts	$	27,662	$	2	0.02	%	$	22,877	$	6	0.12	%	$	26,637	$	1	0.02	%
Certificates of deposit	898		4		1.88	%	1,094		6		2.03	%	952		5		1.93	%
Total bank deposits	28,560		6		0.08	%	23,971		12		0.21	%	27,589		6		0.09	%
Brokerage client payables	11,485		1		0.02	%	3,827		3		0.35	%	7,324		1		0.06	%
Other borrowings	862		5		2.18	%	895		5		2.23	%	866		5		2.19	%
Senior notes payable	2,045		24		4.80	%	1,556		19		4.74	%	2,045		24		4.70	%
All other interest-bearing liabilities	600		1		0.88	%	911		4		1.82	%	574		2		1.14	%
Total interest-bearing liabilities	$	43,552	$	37	0.34	%	$	31,160	$	43	0.56	%	$	38,398	$	38	0.39	%
Net interest income			$	163					$	242					$	165

Please refer to the footnotes at the end of this press release for additional information.


RAYMOND JAMES FINANCIAL, INC.			Consolidated Net Interest
Fiscal Second Quarter of 2021			(Unaudited)


Consolidated Net Interest
	Six months ended
	March 31, 2021						March 31, 2020
$ in millions	Average balance		Interest		Annualized average rate		Average balance		Interest		Annualized average rate
Interest-earning assets:
Cash and cash equivalents	$	5,500	$	6	0.23	%	$	4,227	$	33	1.55	%
Assets segregated pursuant to regulations	7,954		8		0.19	%	2,583		22		1.75	%
Available-for-sale securities	7,735		44		1.14	%	3,265		37		2.29	%
Brokerage client receivables	2,152		37		3.42	%	2,402		48		4.04	%
Bank loans, net of unearned income and deferred expenses:
Loans held for investment:
C&I loans (13)	7,537		99		2.60	%	8,039		167		4.07	%
CRE loans (13)	2,623		34		2.56	%	2,572		53		4.04	%
REIT loans (13)	1,272		16		2.47	%	1,330		25		3.77	%
Tax-exempt loans (14)	1,232		16		3.35	%	1,218		16		3.36	%
Residential mortgage loans	5,003		69		2.75	%	4,743		75		3.16	%
Securities-based loans and other	4,460		51		2.26	%	3,403		65		3.78	%
Loans held for sale	159		2		2.36	%	151		3		3.97	%
Total bank loans, net	22,286		287		2.59	%	21,456		404		3.76	%
All other interest-earning assets	2,247		21		1.93	%	2,511		38		2.89	%
Total interest-earning assets	$	47,874	$	403	1.69	%	$	36,444	$	582	3.19	%
Interest-bearing liabilities:
Bank deposits:
Savings, money market and Negotiable Order of Withdrawal accounts	$	27,144	$	3	0.02	%	$	22,260	$	18	0.16	%
Certificates of deposit	925		9		1.90	%	937		10		2.10	%
Total bank deposits	28,069		12		0.08	%	23,197		28		0.24	%
Brokerage client payables	9,403		2		0.04	%	3,513		6		0.40	%
Other borrowings	864		10		2.21	%	894		10		2.23	%
Senior notes payable	2,045		48		4.75	%	1,553		37		4.71	%
All other interest-bearing liabilities	587		3		1.01	%	1,023		13		2.02	%
Total interest-bearing liabilities	$	40,968	$	75	0.36	%	$	30,180	$	94	0.61	%
Net interest income			$	328					$	488

Please refer to the footnotes at the end of this press release for additional information.


RAYMOND JAMES FINANCIAL, INC.			Segment Results
Fiscal Second Quarter of 2021			(Unaudited)


	Three months ended						% change from
$ in millions	March 31, 2021		March 31, 2020		December 31, 2020		March 31, 2020	December 31, 2020
Net revenues:
Private Client Group	$	1,647	$	1,495	$	1,467	10%	12%
Capital Markets	433		290		452		49%	(4)%
Asset Management	209		184		195		14%	7%
Raymond James Bank	160		210		167		(24)%	(4)%
Other (3) (15)	(12)		(44)		4		73%	NM
Intersegment eliminations	(65)		(67)		(63)		NM	NM
Total net revenues	$	2,372	$	2,068	$	2,222	15%	7%

Pre-tax income/(loss):
Private Client Group	$	192	$	170	$	140	13%	37%
Capital Markets	105		28		129		275%	(19)%
Asset Management	87		73		83		19%	5%
Raymond James Bank	111		14		71		693%	56%
Other (3) (5) (15)	(48)		(46)		(24)		(4)%	(100)%
Pre-tax income	$	447	$	239	$	399	87%	12%


	Six months ended
$ in millions	March 31, 2021		March 31, 2020		% change
Net revenues:
Private Client Group	$	3,114	$	2,909	7%
Capital Markets	885		558		59%
Asset Management	404		368		10%
Raymond James Bank	327		426		(23)%
Other (3) (15)	(8)		(52)		85%
Intersegment eliminations	(128)		(132)		NM
Total net revenues	$	4,594	$	4,077	13%

Pre-tax income/(loss):
Private Client Group	$	332	$	323	3%
Capital Markets	234		57		311%
Asset Management	170		146		16%
Raymond James Bank	182		149		22%
Other (3) (5) (15)	(72)		(77)		6%
Pre-tax income	$	846	$	598	41%

Please refer to the footnotes at the end of this press release for additional information.


RAYMOND JAMES FINANCIAL, INC.			Segment Results
Fiscal Second Quarter of 2021			(Unaudited)


Private Client Group

	Three months ended						% change from
$ in millions	March 31, 2021		March 31, 2020		December 31, 2020		March 31, 2020	December 31, 2020
Revenues:
Asset management and related administrative fees	$	979	$	833	$	885	18%	11%
Brokerage revenues:
Mutual and other fund products	183		163		148		12%	24%
Insurance and annuity products	109		99		98		10%	11%
Equities, ETFs and fixed income products	121		122		107		(1)%	13%
Total brokerage revenues	413		384		353		8%	17%
Account and service fees:
Mutual fund and annuity service fees	99		88		94		13%	5%
RJBDP fees: (11)
Third-party banks	19		51		21		(63)%	(10)%
Raymond James Bank	44		48		43		(8)%	2%
Client account and other fees	42		35		32		20%	31%
Total account and service fees	204		222		190		(8)%	7%
Investment banking	16		11		6		45%	167%
Interest income	30		45		30		(33)%	—
All other	8		7		5		14%	60%
Total revenues	1,650		1,502		1,469		10%	12%
Interest expense	(3)		(7)		(2)		(57)%	50%
Net revenues	1,647		1,495		1,467		10%	12%
Non-interest expenses:
Financial advisor compensation and benefits	1,040		915		931		14%	12%
Administrative compensation and benefits	260		245		249		6%	4%
Total compensation, commissions and benefits	1,300		1,160		1,180		12%	10%
Non-compensation expenses	155		165		147		(6)%	5%
Total non-interest expenses	1,455		1,325		1,327		10%	10%
Pre-tax income	$	192	$	170	$	140	13%	37%

Please refer to the footnotes at the end of this press release for additional information.


RAYMOND JAMES FINANCIAL, INC.			Segment Results
Fiscal Second Quarter of 2021			(Unaudited)


Private Client Group

	Six months ended
$ in millions	March 31, 2021		March 31, 2020		% change
Revenues:
Asset management and related administrative fees	$	1,864	$	1,615	15%
Brokerage revenues:
Mutual and other fund products	331		307		8%
Insurance and annuity products	207		200		4%
Equities, ETFs and fixed income products	228		224		2%
Total brokerage revenues	766		731		5%
Account and service fees:
Mutual fund and annuity service fees	193		178		8%
RJBDP fees: (11)
Third-party banks	40		109		(63)%
Raymond James Bank	87		95		(8)%
Client account and other fees	74		64		16%
Total account and service fees	394		446		(12)%
Investment banking	22		22		—
Interest income	60		94		(36)%
All other	13		16		(19)%
Total revenues	3,119		2,924		7%
Interest expense	(5)		(15)		(67)%
Net revenues	3,114		2,909		7%
Non-interest expenses:
Financial advisor compensation and benefits	1,971		1,772		11%
Administrative compensation and benefits	509		492		3%
Total compensation, commissions and benefits	2,480		2,264		10%
Non-compensation expenses	302		322		(6)%
Total non-interest expenses	2,782		2,586		8%
Pre-tax income	$	332	$	323	3%

Please refer to the footnotes at the end of this press release for additional information.


RAYMOND JAMES FINANCIAL, INC.			Segment Results
Fiscal Second Quarter of 2021			(Unaudited)


Capital Markets

	Three months ended						% change from
$ in millions	March 31, 2021		March 31, 2020		December 31, 2020		March 31, 2020	December 31, 2020
Revenues:
Brokerage revenues:
Fixed income	$	142	$	90	$	131	58%	8%
Equity	34		40		42		(15)%	(19)%
Total brokerage revenues	176		130		173		35%	2%
Investment banking:
Merger & acquisition and advisory	122		72		149		69%	(18)%
Equity underwriting	67		43		60		56%	12%
Debt underwriting	37		22		46		68%	(20)%
Total investment banking	226		137		255		65%	(11)%
Interest income	5		10		3		(50)%	67%
Tax credit fund revenues	24		12		16		100%	50%
All other	4		7		7		(43)%	(43)%
Total revenues	435		296		454		47%	(4)%
Interest expense	(2)		(6)		(2)		(67)%	—
Net revenues	433		290		452		49%	(4)%
Non-interest expenses:
Compensation, commissions and benefits	259		184		252		41%	3%
Non-compensation expenses	69		78		71		(12)%	(3)%
Total non-interest expenses	328		262		323		25%	2%
Pre-tax income	$	105	$	28	$	129	275%	(19)%




	Six months ended
$ in millions	March 31, 2021		March 31, 2020		% change
Revenues:
Brokerage revenues:
Fixed income	$	273	$	171	60%
Equity	76		74		3%
Total brokerage revenues	349		245		42%
Investment banking:
Merger & acquisition and advisory	271		132		105%
Equity underwriting	127		82		55%
Debt underwriting	83		53		57%
Total investment banking	481		267		80%
Interest income	8		18		(56)%
Tax credit fund revenues	40		30		33%
All other	11		10		10%
Total revenues	889		570		56%
Interest expense	(4)		(12)		(67)%
Net revenues	885		558		59%
Non-interest expenses:
Compensation, commissions and benefits	511		350		46%
Non-compensation expenses	140		151		(7)%
Total non-interest expenses	651		501		30%
Pre-tax income	$	234	$	57	311%

Please refer to the footnotes at the end of this press release for additional information.


RAYMOND JAMES FINANCIAL, INC.			Segment Results
Fiscal Second Quarter of 2021			(Unaudited)


Asset Management

	Three months ended						% change from
$ in millions	March 31, 2021		March 31, 2020		December 31, 2020		March 31, 2020	December 31, 2020
Revenues:
Asset management and related administrative fees:
Managed programs	$	137	$	124	$	129	10%	6%
Administration and other	64		53		59		21%	8%
Total asset management and related administrative fees	201		177		188		14%	7%
Account and service fees	5		4		4		25%	25%
All other	3		3		3		—	—
Net revenues	209		184		195		14%	7%
Non-interest expenses:
Compensation, commissions and benefits	50		45		45		11%	11%
Non-compensation expenses	72		66		67		9%	7%
Total non-interest expenses	122		111		112		10%	9%
Pre-tax income	$	87	$	73	$	83	19%	5%


	Six months ended
$ in millions	March 31, 2021		March 31, 2020		% change
Revenues:
Asset management and related administrative fees:
Managed programs	$	266	$	249	7%
Administration and other	123		104		18%
Total asset management and related administrative fees	389		353		10%
Account and service fees	9		9		—
All other	6		6		—
Net revenues	404		368		10%
Non-interest expenses:
Compensation, commissions and benefits	95		90		6%
Non-compensation expenses	139		132		5%
Total non-interest expenses	234		222		5%
Pre-tax income	$	170	$	146	16%

Please refer to the footnotes at the end of this press release for additional information.


RAYMOND JAMES FINANCIAL, INC.			Segment Results
Fiscal Second Quarter of 2021			(Unaudited)


Raymond James Bank

	Three months ended						% change from
$ in millions	March 31, 2021		March 31, 2020		December 31, 2020		March 31, 2020	December 31, 2020
Revenues:
Interest income	$	165	$	223	$	168	(26)%	(2)%
Interest expense	(10)		(18)		(11)		(44)%	(9)%
Net interest income	155		205		157		(24)%	(1)%
All other	5		5		10		—	(50)%
Net revenues	160		210		167		(24)%	(4)%
Non-interest expenses:
Compensation and benefits	13		13		12		—	8%
Non-compensation expenses:
Bank loan provision/(benefit) for credit losses (4)	(32)		109		14		NM	NM
RJBDP fees to Private Client Group (11)	44		48		43		(8)%	2%
All other	24		26		27		(8)%	(11)%
Total non-compensation expenses	36		183		84		(80)%	(57)%
Total non-interest expenses	49		196		96		(75)%	(49)%
Pre-tax income	$	111	$	14	$	71	693%	56%


	Six months ended
$ in millions	March 31, 2021		March 31, 2020		% change
Revenues:
Interest income	$	333	$	454	(27)%
Interest expense	(21)		(39)		(46)%
Net interest income	312		415		(25)%
All other	15		11		36%
Net revenues	327		426		(23)%
Non-interest expenses:
Compensation and benefits	25		25		—
Non-compensation expenses:
Bank loan provision/(benefit) for credit losses (4)	(18)		107		NM
RJBDP fees to Private Client Group (11)	87		95		(8)%
All other	51		50		2%
Total non-compensation expenses	120		252		(52)%
Total non-interest expenses	145		277		(48)%
Pre-tax income	$	182	$	149	22%

Please refer to the footnotes at the end of this press release for additional information.


RAYMOND JAMES FINANCIAL, INC.			Segment Results
Fiscal Second Quarter of 2021			(Unaudited)


Other

	Three months ended						% change from
$ in millions	March 31, 2021		March 31, 2020		December 31, 2020		March 31, 2020	December 31, 2020
Revenues:
Interest income	$	3	$	12	$	3	(75)%	—
Gains/(losses) on private equity investments (3)	8		(39)		24		NM	(67)%
All other	2		—		1		NM	100%
Total revenues	13		(27)		28		NM	(54)%
Interest expense	(25)		(17)		(24)		47%	4%
Net revenues	(12)		(44)		4		73%	NM
Non-interest expenses:
Compensation and all other (3)	36		2		26		1,700%	38%

Acquisition-related expenses (5)	—		—		2		—	(100)%
Total non-interest expenses	36		2		28		1,700%	29%
Pre-tax loss	$	(48)	$	(46)	$	(24)	(4)%	(100)%


	Six months ended
$ in millions	March 31, 2021		March 31, 2020		% change
Revenues:
Interest income	$	6	$	24	(75)%
Gains/(losses) on private equity investments (3)	32		(41)		NM
All other	3		2		50%
Total revenues	41		(15)		NM
Interest expense	(49)		(37)		32%
Net revenues	(8)		(52)		85%
Non-interest expenses:
Compensation and all other (3)	62		25		148%

Acquisition-related expenses (5)	2		—		NM
Total non-interest expenses	64		25		156%
Pre-tax loss	$	(72)	$	(77)	6%

Please refer to the footnotes at the end of this press release for additional information.


RAYMOND JAMES FINANCIAL, INC.			Raymond James Bank Selected Key Metrics
Fiscal Second Quarter of 2021			(Unaudited)

The following metrics are attributable to our banking subsidiary Raymond James Bank, N.A. which is a component of our Raymond James Bank segment.


	As of										% change from
$ in millions	March 31, 2021				March 31, 2020			December 31, 2020			March 31, 2020	December 31, 2020
Total assets	$	33,221			$	33,656		$	31,580		(1)%	5%
Total equity	$	2,409			$	2,263		$	2,364		6%	2%
Bank loans, net	$	22,879			$	21,788		$	21,957		5%	4%
Bank loan allowance for credit losses (4)	$	345			$	324		$	378		6%	(9)%
Bank loan allowance for credit losses as a % of loans held for investment (4)	1.50		%		1.47		%	1.71		%
Total nonperforming assets	$	31			$	27		$	28		15%	11%
Nonperforming assets as a % of total assets	0.09		%		0.08		%	0.09		%
Total criticized loans	$	1,001			$	387		$	899		159%	11%
Criticized loans as a % of loans held for investment	4.35		%		1.76		%	4.06		%

Capital ratios:
Tier 1 capital	13.1		%	(7)	12.7		%	13.1		%
Total capital	14.4		%	(7)	13.9		%	14.4		%
Tier 1 leverage	7.5		%	(7)	8.1		%	7.5		%

	Three months ended										% change from
$ in millions	March 31, 2021				March 31, 2020			December 31, 2020			March 31, 2020	December 31, 2020
Bank loan provision/(benefit) for credit losses (4)	$	(32)			$	109		$	14		NM	NM

Net charge-offs:
Charge-offs related to loan sales	$	2			$	—		$	—		NM	NM
All other	—				—			—			—	—
Total net charge-offs	$	2			$	—		$	—		NM	NM

Net interest margin (net yield on interest-earning assets)	1.94		%		3.02		%	2.02		%

	Six months ended
$ in millions	March 31, 2021				March 31, 2020			% change
Bank loan provision/(benefit) for credit losses (4)	$	(18)			$	107		NM

Net charge-offs:
Charge-offs related to loan sales	$	2			$	—		NM
All other	—				—			—
Total net charge-offs	$	2			$	—		NM

Net interest margin (net yield on interest-earning assets)	1.98		%		3.12		%

Please refer to the footnotes at the end of this press release for additional information.


RAYMOND JAMES FINANCIAL, INC.			Non-GAAP Financial Measures
Fiscal Second Quarter of 2021			(Unaudited)

Reconciliation of non-GAAP financial measures to GAAP financial measures

We utilize certain non-GAAP financial measures as additional measures to aid in, and enhance, the understanding of our financial results and related measures. These non-GAAP financial measures have been separately identified in this document. We believe certain of these non-GAAP financial measures provides useful information to management and investors by excluding certain material items that may not be indicative of our core operating results. We utilize these non-GAAP financial measures in assessing the financial performance of the business, as they facilitate a comparison of current- and prior-period results. We believe that return on tangible common equity and tangible book value per share are meaningful to investors as they facilitate comparisons of our results to the results of other companies. In the following tables, the tax effect of non-GAAP adjustments reflects the statutory rate associated with each non-GAAP item. These non-GAAP financial measures should be considered in addition to, and not as a substitute for, measures of financial performance prepared in accordance with GAAP. In addition, our non-GAAP financial measures may not be comparable to similarly titled non-GAAP financial measures of other companies. The following tables provide a reconciliation of non-GAAP financial measures to the most directly comparable GAAP measures for those periods which include non-GAAP adjustments.


	Three months ended			Six months ended
$ in millions, except per share amounts	December 31, 2020			March 31, 2021
Net income	$	312		$	667
Non-GAAP adjustments:
Acquisition-related expenses (5)	2			2


Pre-tax impact of non-GAAP adjustments	2			2
Tax effect of non-GAAP adjustments	—			—
Total non-GAAP adjustments, net of tax	2			2
Adjusted net income	$	314		$	669

Pre-tax income	$	399		$	846
Pre-tax impact of non-GAAP adjustments (as detailed above)	2			2
Adjusted pre-tax income	$	401		$	848

Pre-tax margin (9)	18.0		%	18.4		%





Adjusted pre-tax margin (9)	18.0		%	18.5		%

Earnings per common share: (2)
Basic	$	2.27		$	4.85






Adjusted basic	$	2.29		$	4.87

Diluted	$	2.23		$	4.74






Adjusted diluted	$	2.24		$	4.76

Please refer to the footnotes at the end of this press release for additional information.


RAYMOND JAMES FINANCIAL, INC.			Non-GAAP Financial Measures
Fiscal Second Quarter of 2021			(Unaudited)

Reconciliation of non-GAAP financial measures to GAAP financial measures

(Continued from previous page)


Book value per share	As of
$ in millions, except per share amounts	March 31, 2021		March 31, 2020		December 31, 2020
Total equity attributable to Raymond James Financial, Inc.	$	7,592	$	6,798	$	7,363
Less non-GAAP adjustments:
Goodwill and identifiable intangible assets, net	868		603		834
Deferred tax liabilities, net	(56)		(30)		(56)
Tangible common equity attributable to Raymond James Financial, Inc.	$	6,780	$	6,225	$	6,585
Common shares outstanding	137.2		136.8		137.4
Book value per share (6)	$	55.34	$	49.69	$	53.59
Tangible book value per share (6)	$	49.42	$	45.50	$	47.93


Return on equity	Three months ended									Six months ended
$ in millions	March 31, 2021			March 31, 2020			December 31, 2020			March 31, 2021			March 31, 2020
Average equity (16)	$	7,478		$	6,820		$	7,239		$	7,356		$	6,740
Impact on average equity of non-GAAP adjustments:
Acquisition-related expenses (5)	NA			NA			1			1			NA



Adjusted average equity (16)	NA			NA			$	7,240		$	7,357		NA

Average equity (16)	$	7,478		$	6,820		$	7,239		$	7,356		$	6,740
Less:
Average goodwill and identifiable intangible assets, net	851			606			717			767			608
Average deferred tax liabilities, net	(56)			(31)			(45)			(49)			(30)
Average tangible common equity (16)	$	6,683		$	6,245		$	6,567		$	6,638		$	6,162
Impact on average equity of non-GAAP adjustments:
Acquisition-related expenses (5)	NA			NA			1			1			NA



Adjusted average tangible common equity (16)	NA			NA			$	6,568		$	6,639		NA

Return on equity (8)	19.0		%	9.9		%	17.2		%	18.1		%	13.0		%
Adjusted return on equity (8)	NA			NA			17.3		%	18.2		%	NA
Return on tangible common equity (8)	21.2		%	10.8		%	19.0		%	20.1		%	14.2		%
Adjusted return on tangible common equity (8)	NA			NA			19.1		%	20.2		%	NA

Please refer to the footnotes at the end of this press release for additional information.

RAYMOND JAMES FINANCIAL, INC.

Fiscal Second Quarter of 2021

Footnotes


(1)						These are non-GAAP financial measures. See the schedules on the previous pages for a reconciliation of non-GAAP financial measures to the most directly comparable GAAP measures and for more information on these measures. As there were no non-GAAP adjustments to earnings for the three months ended March 31, 2021, percent changes for earnings-related non-GAAP financial measures are calculated based on GAAP results for the three months ended March 31, 2021 as compared to non-GAAP results for the three months ended December 31, 2020. In addition, as there were no non-GAAP adjustments to earnings for the six months ended March 31, 2020, percent changes for earnings-related non-GAAP financial measures are calculated based on non-GAAP results for the six months ended March 31, 2021 as compared to GAAP results for the six months ended March 31, 2020.

(2)						Earnings per common share is computed by dividing net income (less allocation of earnings and dividends to participating securities) by weighted-average common shares outstanding (basic or diluted as applicable) for each respective period or, in the case of adjusted earnings per common share, computed by dividing adjusted net income (less allocation of earnings and dividends to participating securities) by weighted-average common shares outstanding (basic or diluted as applicable) for each respective period.

(3)						Other revenues included $8 million of private equity valuation gains, $39 million of private equity valuation losses, and $24 million of private equity gains for the three months ended March 31, 2021, March 31, 2020 and December 31, 2020, respectively, which were included in our Other segment. Of these amounts, an insignificant amount of the gains for the three months ended March 31, 2021, $22 million of the losses for three months ended March 31, 2020 and $10 million of the gains for the three months ended December 31, 2020 were attributable to noncontrolling interests and were offset in Other expenses. Other revenues included $32 million of private equity valuation gains and $41 million of private equity valuation losses for the six months ended March 31, 2021 and 2020, respectively, which were included in our Other segment. Of these amounts, $10 million of the gains for the six months ended March 31, 2021 and $23 million of the losses for the six months ended March 31, 2020 were attributable to noncontrolling interests and were offset in Other expenses.

(4)						The allowance for credit losses as of March 31, 2021 was determined under the current expected credit loss (“CECL”) model as a result of our October 1, 2020 adoption of new accounting guidance related to the measurement of credit losses on financial instruments. The impact of adoption on October 1, 2020 resulted in an increase in our allowance for credit losses, including reserves for unfunded lending commitments, of approximately $45 million (primarily $25 million related to loans to financial advisors in the Private Client Group and approximately $10 million related to Bank loans outstanding) and a corresponding reduction in retained earnings of approximately $35 million, net of tax. The Bank loan provision/(benefit) for credit losses of $(32) million and $14 million for the three months ended March 31, 2021 and December 31, 2020, respectively, and $(18) million for the six months ended March 31, 2021, were determined under the CECL model and represented the provision/(benefit) for credit losses post the CECL adoption date.

(5)						The three months ended December 31, 2020 and the six months ended March 31, 2021 included expenses in our Other segment associated with our acquisition of NWPS Holdings, Inc. and its wholly-owned subsidiaries, which was completed in December 2020, as well as our acquisition of Financo which was completed in March 2021.

(6)						Book value per share is computed by dividing total equity attributable to Raymond James Financial, Inc. by the number of common shares outstanding at the end of each respective period or, in the case of tangible book value per share, computed by dividing tangible common equity by the number of common shares outstanding at the end of each respective period. Tangible common equity is defined as total equity attributable to Raymond James Financial, Inc. less goodwill and intangible assets, net of related deferred taxes.

(7)						Estimated.

(8)						Return on equity is computed by dividing annualized net income by average equity for each respective period or, in the case of return on tangible common equity, computed by dividing annualized net income by average tangible common equity for each respective period. Adjusted return on equity is computed by dividing annualized adjusted net income by adjusted average equity for each respective period, or in the case of adjusted return on tangible common equity, computed by dividing annualized adjusted net income by adjusted average tangible common equity for each respective period.

(9)						Pre-tax margin is computed by dividing pre-tax income by net revenues for each respective period or, in the case of adjusted pre-tax margin, computed by dividing adjusted pre-tax income by net revenues for each respective period.

(10)						Total compensation ratio is computed by dividing compensation, commissions and benefits expense by net revenues for each respective period.

(11)						We earn fees from RJBDP, a multi-bank sweep program in which clients’ cash deposits in their brokerage accounts are swept into interest-bearing deposit accounts at Raymond James Bank and various third-party banks. Fees earned by Private Client Group on Raymond James Bank deposits are eliminated in consolidation.

(12)						Average yield on RJBDP - third-party banks is computed by dividing annualized RJBDP fees - third-party banks, which are net of the interest expense paid to clients by the third-party banks, by the average daily RJBDP balances at third-party banks.

(13)						As a result of our adoption of CECL, we have redefined certain of our loan portfolio segments to align with the new methodology applied in determining the allowance for credit losses, including the combination of the CRE and CRE construction loan portfolios and the separation of loans to REITs into a separate portfolio segment (previously included in CRE loans and C&I loans). Prior period loan portfolio segments have been revised to conform to the current presentation.

(14)						The average yield is presented on a tax-equivalent basis for each respective period.

(15)						The Other segment includes the results of our private equity investments, interest income on certain corporate cash balances, and certain corporate overhead costs of Raymond James Financial, Inc., including the interest costs on our public debt.

(16)						Average equity is computed by adding the total equity attributable to Raymond James Financial, Inc. as of the date indicated to the prior quarter-end total, and dividing by two, or in the case of average tangible common equity, computed by adding tangible common equity as of the date indicated to the prior quarter-end total, and dividing by two. For the year-to-date period, average equity is computed by adding the total equity attributable to Raymond James Financial, Inc. as of each quarter-end date during the indicated period to the beginning of year total, and dividing by three, or in the case of average tangible common equity, computed by adding tangible common equity as of each quarter-end date during the indicated period to the beginning of year total, and dividing by three. Adjusted average equity is computed by adjusting for the impact on average equity of the non-GAAP adjustments, as applicable for each respective period. Adjusted average tangible common equity is computed by adjusting for the impact on average tangible common equity of the non-GAAP adjustments, as applicable for each respective period.

EARNINGS RELEASE FINANCIAL SUPPLEMENT

SECOND QUARTER

OF FISCAL 2021 RESULTS

RAYMOND JAMES FINANCIAL, INC.

Consolidated Statements of Income (Unaudited)


	Three months ended										% change from				Six months ended
in millions, except per share amounts	March 31, 2020		June 30, 2020		September 30, 2020		December 31, 2020		March 31, 2021		March 31, 2020		December 31, 2020		March 31, 2020		March 31, 2021		% change
Revenues:
Asset management and related administrative fees	$	1,006	$	867	$	1,006	$	1,067	$	1,173	17	%	10	%	$	1,961	$	2,240	14	%
Brokerage revenues:
Securities commissions	410		343		352		381		443		8	%	16	%	773		824		7	%
Principal transactions	105		143		143		147		148		41	%	1	%	202		295		46	%
Total brokerage revenues	515		486		495		528		591		15	%	12	%	975		1,119		15	%
Account and service fees	172		134		140		145		159		(8)	%	10	%	350		304		(13)	%
Investment banking	148		139		222		261		242		64	%	(7)	%	289		503		74	%
Interest income	285		217		201		203		200		(30)	%	(1)	%	582		403		(31)	%
Other (1)	(15)		33		57		56		44		NM		(21)	%	14		100		614	%
Total revenues	2,111		1,876		2,121		2,260		2,409		14	%	7	%	4,171		4,669		12	%
Interest expense	(43)		(42)		(42)		(38)		(37)		(14)	%	(3)	%	(94)		(75)		(20)	%
Net revenues	2,068		1,834		2,079		2,222		2,372		15	%	7	%	4,077		4,594		13	%
Non-interest expenses:
Compensation, commissions and benefits	1,422		1,277		1,415		1,500		1,648		16	%	10	%	2,773		3,148		14	%
Non-compensation expenses:
Communications and information processing	99		100		100		99		107		8	%	8	%	193		206		7	%
Occupancy and equipment	56		55		57		57		57		2	%	—		113		114		1	%
Business development	41		21		28		23		21		(49)	%	(9)	%	85		44		(48)	%
Investment sub-advisory fees	26		23		26		28		31		19	%	11	%	52		59		13	%
Professional fees	23		24		23		30		24		4	%	(20)	%	44		54		23	%
Bank loan provision/(benefit) for credit losses (2)	109		81		45		14		(32)		NM		NM		107		(18)		NM
Acquisition and disposition-related expenses (3)	—		—		7		2		—		—		(100)	%	—		2		NM
Reduction in workforce expenses (4)	—		—		46		—		—		—		—		—		—		—
Other (1)	53		55		76		70		69		30	%	(1)	%	112		139		24	%
Total non-compensation expenses	407		359		408		323		277		(32)	%	(14)	%	706		600		(15)	%
Total non-interest expenses	1,829		1,636		1,823		1,823		1,925		5	%	6	%	3,479		3,748		8	%
Pre-tax income	239		198		256		399		447		87	%	12	%	598		846		41	%
Provision for income taxes	70		26		47		87		92		31	%	6	%	161		179		11	%
Net income	$	169	$	172	$	209	$	312	$	355	110	%	14	%	$	437	$	667	53	%

Earnings per common share – basic (5)	$	1.22	$	1.25	$	1.53	$	2.27	$	2.58	111	%	14	%	$	3.15	$	4.85	54	%
Earnings per common share – diluted (5)	$	1.20	$	1.23	$	1.50	$	2.23	$	2.51	109	%	13	%	$	3.09	$	4.74	53	%
Weighted-average common shares outstanding – basic	138.4		137.1		136.9		136.8		137.8		—		1	%	138.4		137.3		(1)	%
Weighted-average common and common equivalent shares outstanding – diluted	141.1		139.4		139.6		139.7		141.2		—		1	%	141.3		140.4		(1)	%

Please refer to the footnotes at the end of this supplement for additional information.

RAYMOND JAMES FINANCIAL, INC.

Consolidated Selected Key Metrics (Unaudited)


	As of																% change from
$ in millions, except per share amounts	March 31, 2020			June 30, 2020			September 30, 2020			December 31, 2020			March 31, 2021				March 31, 2020		December 31, 2020
Total assets	$	49,809		$	44,682		$	47,482		$	53,657		$	56,066			13	%	4	%
Total equity attributable to Raymond James Financial, Inc.	$	6,798		$	6,965		$	7,114		$	7,363		$	7,592			12	%	3	%
Book value per share (6)	$	49.69		$	50.84		$	52.08		$	53.59		$	55.34			11	%	3	%
Tangible book value per share (6) (7)	$	45.50		$	46.69		$	47.94		$	47.93		$	49.42			9	%	3	%

Capital ratios:
Tier 1 capital	24.1		%	24.8		%	24.2		%	23.4		%	23.6		%	(8)
Total capital	25.3		%	26.0		%	25.4		%	24.6		%	24.7		%	(8)
Tier 1 leverage	14.2		%	14.5		%	14.2		%	12.9		%	12.2		%	(8)


	Three months ended												% change from			Six months ended
$ in millions	March 31, 2020		June 30, 2020		September 30, 2020			December 31, 2020			March 31, 2021		March 31, 2020	December 31, 2020		March 31, 2020		March 31, 2021			% change
Adjusted pre-tax income (7)	NA		NA		$	309		$	401		NA		NA	11	%	NA		$	848		42	%
Adjusted net income (7)	NA		NA		$	249		$	314		NA		NA	13	%	NA		$	669		53	%
Adjusted earnings per common share - basic (5) (7)	NA		NA		$	1.82		$	2.29		NA		NA	13	%	NA		$	4.87		55	%
Adjusted earnings per common share - diluted (5) (7)	NA		NA		$	1.78		$	2.24		NA		NA	12	%	NA		$	4.76		54	%
Return on equity (9)	9.9	%	10.0	%	11.9		%	17.2		%	19.0	%				13.0	%	18.1		%
Adjusted return on equity (7) (9)	NA		NA		14.1		%	17.3		%	NA					NA		18.2		%
Return on tangible common equity (7) (9)	10.8	%	10.9	%	12.9		%	19.0		%	21.2	%				14.2	%	20.1		%
Adjusted return on tangible common equity (7) (9)	NA		NA		15.3		%	19.1		%	NA					NA		20.2		%
Pre-tax margin (10)	11.6	%	10.8	%	12.3		%	18.0		%	18.8	%				14.7	%	18.4		%
Adjusted pre-tax margin (7) (10)	NA		NA		14.9		%	18.0		%	NA					NA		18.5		%
Total compensation ratio (11)	68.8	%	69.6	%	68.1		%	67.5		%	69.5	%				68.0	%	68.5		%
Effective tax rate	29.3	%	13.1	%	18.4		%	21.8		%	20.6	%				26.9	%	21.2		%

Please refer to the footnotes at the end of this supplement for additional information.

RAYMOND JAMES FINANCIAL, INC.

Consolidated Selected Key Metrics (Unaudited)


	As of										% change from
	March 31, 2020		June 30, 2020		September 30, 2020		December 31, 2020		March 31, 2021		March 31, 2020		December 31, 2020
Client asset metrics ($ in billions):
Client assets under administration	$	773.9	$	876.9	$	930.1	$	1,024.8	$	1,085.4	40	%	6	%
Private Client Group assets under administration	$	734.0	$	833.1	$	883.3	$	974.2	$	1,028.1	40	%	6	%
Private Client Group assets in fee-based accounts	$	383.5	$	443.0	$	475.3	$	532.7	$	567.6	48	%	7	%
Financial assets under management	$	128.2	$	145.4	$	153.1	$	169.6	$	178.2	39	%	5	%

Clients' domestic cash sweep balances ($ in millions):
Raymond James Bank Deposit Program (“RJBDP”): (12)
Raymond James Bank	$	28,711	$	24,101	$	25,599	$	26,697	$	28,174	(2)	%	6	%
Third-party banks	20,379		24,661		25,998		26,142		25,110		23	%	(4)	%
Subtotal RJBDP	49,090		48,762		51,597		52,839		53,284		9	%	1	%

Client Interest Program	3,782		3,157		3,999		8,769		9,517		152	%	9	%
Total clients’ domestic cash sweep balances	$	52,872	$	51,919	$	55,596	$	61,608	$	62,801	19	%	2	%


	Three months ended										Six months ended
	March 31, 2020		June 30, 2020		September 30, 2020		December 31, 2020		March 31, 2021		March 31, 2020		March 31, 2021
Average yield on RJBDP - third-party banks (13)	1.33	%	0.33	%	0.33	%	0.31	%	0.30	%	1.48	%	0.31	%


	As of					% change from
	March 31, 2020	June 30, 2020	September 30, 2020	December 31, 2020	March 31, 2021	March 31, 2020		December 31, 2020
Private Client Group financial advisors:
Employees	3,376	3,379	3,404	3,387	3,375	—		—
Independent contractors	4,772	4,776	4,835	4,846	4,952	4	%	2	%
Total advisors	8,148	8,155	8,239	8,233	8,327	2	%	1	%

Please refer to the footnotes at the end of this supplement for additional information.

RAYMOND JAMES FINANCIAL, INC.

Segment Results - Private Client Group (Unaudited)


	Three months ended										% change from				Six months ended
$ in millions	March 31, 2020		June 30, 2020		September 30, 2020		December 31, 2020		March 31, 2021		March 31, 2020		December 31, 2020		March 31, 2020		March 31, 2021		% change
Revenues:
Asset management and related administrative fees	$	833	$	715	$	832	$	885	$	979	18	%	11	%	$	1,615	$	1,864	15	%
Brokerage revenues:
Mutual and other fund products	163		131		129		148		183		12	%	24	%	307		331		8	%
Insurance and annuity products	99		88		109		98		109		10	%	11	%	200		207		4	%
Equities, ETFs, and fixed income products	122		100		95		107		121		(1)	%	13	%	224		228		2	%
Total brokerage revenues	384		319		333		353		413		8	%	17	%	731		766		5	%
Account and service fees:
Mutual fund and annuity service fees	88		82		88		94		99		13	%	5	%	178		193		8	%
RJBDP fees: (12)
Third-party banks	51		20		21		21		19		(63)	%	(10)	%	109		40		(63)	%
Raymond James Bank	48		43		42		43		44		(8)	%	2	%	95		87		(8)	%
Client account and other fees	35		32		33		32		42		20	%	31	%	64		74		16	%
Total account and service fees	222		177		184		190		204		(8)	%	7	%	446		394		(12)	%
Investment banking	11		7		12		6		16		45	%	167	%	22		22		—
Interest income	45		31		30		30		30		(33)	%	—		94		60		(36)	%
All other	7		4		7		5		8		14	%	60	%	16		13		(19)	%
Total revenues	1,502		1,253		1,398		1,469		1,650		10	%	12	%	2,924		3,119		7	%
Interest expense	(7)		(4)		(4)		(2)		(3)		(57)	%	50	%	(15)		(5)		(67)	%
Net revenues	1,495		1,249		1,394		1,467		1,647		10	%	12	%	2,909		3,114		7	%
Non-interest expenses:
Financial advisor compensation and benefits	915		783		873		931		1,040		14	%	12	%	1,772		1,971		11	%
Administrative compensation and benefits	245		235		244		249		260		6	%	4	%	492		509		3	%
Total compensation, commissions and benefits	1,160		1,018		1,117		1,180		1,300		12	%	10	%	2,264		2,480		10	%
Non-compensation expenses	165		140		152		147		155		(6)	%	5	%	322		302		(6)	%
Total non-interest expenses	1,325		1,158		1,269		1,327		1,455		10	%	10	%	2,586		2,782		8	%
Pre-tax income	$	170	$	91	$	125	$	140	$	192	13	%	37	%	$	323	$	332	3	%

Please refer to the footnotes at the end of this supplement for additional information.

RAYMOND JAMES FINANCIAL, INC.

Segment Results - Capital Markets (Unaudited)


	Three months ended										% change from				Six months ended
$ in millions	March 31, 2020		June 30, 2020		September 30, 2020		December 31, 2020		March 31, 2021		March 31, 2020		December 31, 2020		March 31, 2020		March 31, 2021		% change
Revenues:
Brokerage revenues:
Fixed income	$	90	$	125	$	125	$	131	$	142	58	%	8	%	$	171	$	273	60	%
Equity	40		41		35		42		34		(15)	%	(19)	%	74		76		3	%
Total brokerage revenues	130		166		160		173		176		35	%	2	%	245		349		42	%
Investment banking:
Merger & acquisition and advisory	72		60		98		149		122		69	%	(18)	%	132		271		105	%
Equity underwriting	43		35		68		60		67		56	%	12	%	82		127		55	%
Debt underwriting	22		37		43		46		37		68	%	(20)	%	53		83		57	%
Total investment banking	137		132		209		255		226		65	%	(11)	%	267		481		80	%
Interest income	10		4		3		3		5		(50)	%	67	%	18		8		(56)	%
Tax credit fund revenues	12		20		33		16		24		100	%	50	%	30		40		33	%
All other	7		3		7		7		4		(43)	%	(43)	%	10		11		10	%
Total revenues	296		325		412		454		435		47	%	(4)	%	570		889		56	%
Interest expense	(6)		(2)		(2)		(2)		(2)		(67)	%	—		(12)		(4)		(67)	%
Net revenues	290		323		410		452		433		49	%	(4)	%	558		885		59	%
Non-interest expenses:
Compensation, commissions and benefits	184		195		229		252		259		41	%	3	%	350		511		46	%
Non-compensation expenses (3)	78		66		75		71		69		(12)	%	(3)	%	151		140		(7)	%
Total non-interest expenses	262		261		304		323		328		25	%	2	%	501		651		30	%
Pre-tax income	$	28	$	62	$	106	$	129	$	105	275	%	(19)	%	$	57	$	234	311	%

Please refer to the footnotes at the end of this supplement for additional information.

RAYMOND JAMES FINANCIAL, INC.

Segment Results - Asset Management (Unaudited)


	Three months ended										% change from				Six months ended
$ in millions	March 31, 2020		June 30, 2020		September 30, 2020		December 31, 2020		March 31, 2021		March 31, 2020		December 31, 2020		March 31, 2020		March 31, 2021		% change
Revenues:
Asset management and related administrative fees:
Managed programs	$	124	$	109	$	123	$	129	$	137	10	%	6	%	$	249	$	266	7	%
Administration and other	53		48		55		59		64		21	%	8	%	104		123		18	%
Total asset management and related administrative fees	177		157		178		188		201		14	%	7	%	353		389		10	%
Account and service fees	4		3		4		4		5		25	%	25	%	9		9		—
All other	3		3		2		3		3		—		—		6		6		—
Net revenues	184		163		184		195		209		14	%	7	%	368		404		10	%
Non-interest expenses:
Compensation, commissions and benefits	45		44		43		45		50		11	%	11	%	90		95		6	%
Non-compensation expenses	66		59		63		67		72		9	%	7	%	132		139		5	%
Total non-interest expenses	111		103		106		112		122		10	%	9	%	222		234		5	%
Pre-tax income	$	73	$	60	$	78	$	83	$	87	19	%	5	%	$	146	$	170	16	%

Please refer to the footnotes at the end of this supplement for additional information.

RAYMOND JAMES FINANCIAL, INC.

Segment Results - Raymond James Bank (Unaudited)


	Three months ended										% change from				Six months ended
$ in millions	March 31, 2020		June 30, 2020		September 30, 2020		December 31, 2020		March 31, 2021		March 31, 2020		December 31, 2020		March 31, 2020		March 31, 2021		% change
Revenues:
Interest income	$	223	$	181	$	165	$	168	$	165	(26)	%	(2)	%	$	454	$	333	(27)	%
Interest expense	(18)		(12)		(11)		(11)		(10)		(44)	%	(9)	%	(39)		(21)		(46)	%
Net interest income	205		169		154		157		155		(24)	%	(1)	%	415		312		(25)	%
All other	5		9		7		10		5		—		(50)	%	11		15		36	%
Net revenues	210		178		161		167		160		(24)	%	(4)	%	426		327		(23)	%
Non-interest expenses:
Compensation and benefits	13		13		13		12		13		—		8	%	25		25		—
Non-compensation expenses:
Bank loan provision/(benefit) for credit losses (2)	109		81		45		14		(32)		NM		NM		107		(18)		NM
RJBDP fees to Private Client Group (12)	48		43		42		43		44		(8)	%	2	%	95		87		(8)	%
All other	26		27		28		27		24		(8)	%	(11)	%	50		51		2	%
Total non-compensation expenses	183		151		115		84		36		(80)	%	(57)	%	252		120		(52)	%
Total non-interest expenses	196		164		128		96		49		(75)	%	(49)	%	277		145		(48)	%
Pre-tax income	$	14	$	14	$	33	$	71	$	111	693	%	56	%	$	149	$	182	22	%

Please refer to the footnotes at the end of this supplement for additional information.

RAYMOND JAMES FINANCIAL, INC.

Segment Results - Other (14) (Unaudited)


	Three months ended										% change from				Six months ended
$ in millions	March 31, 2020		June 30, 2020		September 30, 2020		December 31, 2020		March 31, 2021		March 31, 2020		December 31, 2020		March 31, 2020		March 31, 2021		% change
Revenues:
Interest income	$	12	$	3	$	3	$	3	$	3	(75)	%	—		$	24	$	6	(75)	%
Gains/(losses) on private equity investments (1)	(39)		1		12		24		8		NM		(67)	%	(41)		32		NM
All other	—		2		—		1		2		NM		100	%	2		3		50	%
Total revenues	(27)		6		15		28		13		NM		(54)	%	(15)		41		NM
Interest expense	(17)		(26)		(25)		(24)		(25)		47	%	4	%	(37)		(49)		32	%
Net revenues	(44)		(20)		(10)		4		(12)		73	%	NM		(52)		(8)		85	%
Non-interest expenses:
Compensation and all other (1)	2		9		30		26		36		1,700	%	38	%	25		62		148	%
Reduction in workforce expenses (4)	—		—		46		—		—		—		—		—		—		—
Acquisition-related expenses (3)	—		—		—		2		—		—		(100)	%	—		2		NM
Total non-interest expenses	2		9		76		28		36		1,700	%	29	%	25		64		156	%
Pre-tax loss	$	(46)	$	(29)	$	(86)	$	(24)	$	(48)	(4)	%	(100)	%	$	(77)	$	(72)	6	%

Please refer to the footnotes at the end of this supplement for additional information.

RAYMOND JAMES FINANCIAL, INC.

Raymond James Bank Selected Key Metrics (Unaudited)

The following metrics are attributable to our banking subsidiary Raymond James Bank, N.A. which is a component of our Raymond James Bank segment.


	As of																% change from
$ in millions	March 31, 2020			June 30, 2020			September 30, 2020			December 31, 2020			March 31, 2021				March 31, 2020		December 31, 2020
Total assets	$	33,656		$	29,066		$	30,610		$	31,580		$	33,221			(1)	%	5	%
Total equity	$	2,263		$	2,279		$	2,315		$	2,364		$	2,409			6	%	2	%
Bank loans, net	$	21,788		$	21,223		$	21,195		$	21,957		$	22,879			5	%	4	%
Bank loan allowance for credit losses (2)	$	324		$	334		$	354		$	378		$	345			6	%	(9)	%
Bank loan allowance for credit losses as a % of loans held for investment (2)	1.47		%	1.56		%	1.65		%	1.71		%	1.50		%
Total nonperforming assets	$	27		$	23		$	32		$	28		$	31			15	%	11	%
Nonperforming assets as a % of total assets	0.08		%	0.08		%	0.10		%	0.09		%	0.09		%
Total criticized loans	$	387		$	733		$	933		$	899		$	1,001			159	%	11	%
Criticized loans as a % of loans held for investment	1.76		%	3.41		%	4.35		%	4.06		%	4.35		%

Capital ratios:
Tier 1 capital	12.7		%	12.8		%	13.0		%	13.1		%	13.1		%	(8)
Total capital	13.9		%	14.1		%	14.3		%	14.4		%	14.4		%	(8)
Tier 1 leverage	8.1		%	7.6		%	7.7		%	7.5		%	7.5		%	(8)


	Three months ended															% change from		Six months ended
$ in millions	March 31, 2020			June 30, 2020			September 30, 2020			December 31, 2020			March 31, 2021			March 31, 2020	December 31, 2020	March 31, 2020			March 31, 2021			% change
Bank loan provision/(benefit) for credit losses (2)	$	109		$	81		$	45		$	14		$	(32)		NM	NM	$	107		$	(18)		NM
Net charge-offs	$	—		$	72		$	26		$	—		$	2		NM	NM	$	—		$	2		NM
Net interest margin (net yield on interest-earning assets)	3.02		%	2.29		%	2.09		%	2.02		%	1.94		%			3.12		%	1.98		%

Please refer to the footnotes at the end of this supplement for additional information.

RAYMOND JAMES FINANCIAL, INC.

Reconciliation of non-GAAP financial measures to GAAP financial measures (Unaudited)


	Three months ended						Six months ended
$ in millions	September 30, 2020			December 31, 2020				March 31, 2021
Net income	$	209		$	312			$	667
Non-GAAP adjustments:
Acquisition and disposition-related expenses (3)	7			2				2
Reduction in workforce expenses (4)	46			—				—

Pre-tax impact of non-GAAP adjustments	53			2				2
Tax effect of non-GAAP adjustments	(13)			—				—
Total non-GAAP adjustments, net of tax	40			2				2
Adjusted net income	$	249		$	314			$	669

Pre-tax income	$	256		$	399			$	846
Pre-tax impact of non-GAAP adjustments (as detailed above)	53			2				2
Adjusted pre-tax income	$	309		$	401			$	848

Pre-tax margin (10)	12.3		%	18.0		%		18.4		%
Non-GAAP adjustments:
Acquisition and disposition-related expenses (3)	0.4		%	—		%		0.1		%
Reduction in workforce expenses (4)	2.2		%	—		%		—		%

Total non-GAAP adjustments, net of tax	2.6		%	—		%		0.1		%
Adjusted pre-tax margin (10)	14.9		%	18.0		%		18.5		%

Please refer to the footnotes at the end of this supplement for additional information.

RAYMOND JAMES FINANCIAL, INC.

Reconciliation of non-GAAP financial measures to GAAP financial measures (Unaudited)

(Continued from previous page)


	Three months ended				Six months ended
Earnings per common share (5)	September 30, 2020		December 31, 2020			March 31, 2021





















Basic	$	1.53	$	2.27		$	4.85
Non-GAAP adjustments:
Acquisition and disposition-related expenses (3)	0.05		0.02			0.02
Reduction in workforce expenses (4)	0.34		—			—

Tax effect of non-GAAP adjustments	(0.10)		—			—
Total non-GAAP adjustments, net of tax	0.29		0.02			0.02
Adjusted basic	$	1.82	$	2.29		$	4.87

Diluted	$	1.50	$	2.23		$	4.74
Non-GAAP adjustments:
Acquisition and disposition-related expenses (3)	0.05		0.01			0.02
Reduction in workforce expenses (4)	0.33		—			—

Tax effect of non-GAAP adjustments	(0.10)		—			—
Total non-GAAP adjustments, net of tax	0.28		0.01			0.02
Adjusted diluted	$	1.78	$	2.24		$	4.76


Book value per share	As of
$ in millions, except per share amounts	March 31, 2020		June 30, 2020		September 30, 2020		December 31, 2020		March 31, 2021
Total equity attributable to Raymond James Financial, Inc.	$	6,798	$	6,965	$	7,114	$	7,363	$	7,592
Less non-GAAP adjustments:
Goodwill and identifiable intangible assets, net	603		602		600		834		868
Deferred tax liabilities, net	(30)		(33)		(34)		(56)		(56)
Tangible common equity attributable to Raymond James Financial, Inc.	$	6,225	$	6,396	$	6,548	$	6,585	$	6,780
Common shares outstanding	136.8		137.0		136.6		137.4		137.2
Book value per share (6)	$	49.69	$	50.84	$	52.08	$	53.59	$	55.34
Tangible book value per share (6)	$	45.50	$	46.69	$	47.94	$	47.93	$	49.42

Please refer to the footnotes at the end of this supplement for additional information.

RAYMOND JAMES FINANCIAL, INC.

Reconciliation of non-GAAP financial measures to GAAP financial measures (Unaudited)

(Continued from previous page)


Return on equity	Three months ended															Six months ended
$ in millions	March 31, 2020			June 30, 2020			September 30, 2020			December 31, 2020			March 31, 2021			March 31, 2020			March 31, 2021

Average equity (15)	$	6,820		$	6,882		$	7,040		$	7,239		$	7,478		$	6,740		$	7,356
Impact on average equity of non-GAAP adjustments:
Acquisition and disposition-related expenses (3)	NA			NA			4			1			NA			NA			1
Reduction in workforce expenses (4)	NA			NA			23			—			NA			NA			—

Tax effect of non-GAAP adjustments	NA			NA			(7)			—			NA			NA			—
Adjusted average equity (15)	NA			NA			$	7,060		$	7,240		NA			NA			$	7,357

Average equity (15)	$	6,820		$	6,882		$	7,040		$	7,239		$	7,478		$	6,740		$	7,356
Less:
Average goodwill and identifiable intangible assets, net	606			603			601			717			851			608			767
Average deferred tax liabilities, net	(31)			(32)			(33)			(45)			(56)			(30)			(49)

Average tangible common equity (15)	$	6,245		$	6,311		$	6,472		$	6,567		$	6,683		$	6,162		$	6,638
Impact on average equity of non-GAAP adjustments:
Acquisition and disposition-related expenses (3)	NA			NA			4			1			NA			NA			1
Reduction in workforce expenses (4)	NA			NA			23			—			NA			NA			—

Tax effect of non-GAAP adjustments	NA			NA			(7)			—			NA			NA			—
Adjusted average tangible common equity (15)	NA			NA			$	6,492		$	6,568		NA			NA			$	6,639

Return on equity (9)	9.9		%	10.0		%	11.9		%	17.2		%	19.0		%	13.0		%	18.1		%
Adjusted return on equity (9)	NA			NA			14.1		%	17.3		%	NA			NA			18.2		%
Return on tangible common equity (9)	10.8		%	10.9		%	12.9		%	19.0		%	21.2		%	14.2		%	20.1		%
Adjusted return on tangible common equity (9)	NA			NA			15.3		%	19.1		%	NA			NA			20.2		%

Please refer to the footnotes at the end of this supplement for additional information.

RAYMOND JAMES FINANCIAL, INC.

Footnotes


(1)						Other revenues included $39 million of private equity valuation losses, $12 million of private equity valuation gains, $24 million of private equity valuation gains, and $8 million of private equity valuation gains for the three months ended March 31, 2020, September 30, 2020, December 31, 2020 and March 31, 2021, respectively, which were included in our Other segment. Of these amounts, $22 million of the losses for the three months ended March 31, 2020, $3 million of the gains for the three months ended September 30, 2020, $10 million of the gains for the three months ended December 31, 2020, and an insignificant amount of the gains for the three months ended March 31, 2021 were attributable to noncontrolling interests and were offset in Other expenses. Other revenues included approximately $41 million of private equity valuations losses and $32 million of private equity valuation gains for the six months ended March 31, 2020 and 2021, respectively. Of these amounts, $23 million of the losses for the six month ended March 31, 2020, and $10 million of the gains for the six months ended March 31, 2021 were attributable to noncontrolling interests and were offset in Other expenses.

(2)						The allowance for credit losses as of March 31, 2021 was determined under the current expected credit loss (“CECL”) model as a result of our October 1, 2020 adoption of new accounting guidance related to the measurement of credit losses on financial instruments. The impact of adoption on October 1, 2020 resulted in an increase in our allowance for credit losses, including reserves for unfunded lending commitments, of approximately $45 million (primarily $25 million related to loans to financial advisors in the Private Client Group and approximately $10 million related to Bank loans outstanding) and a corresponding reduction in retained earnings of approximately $35 million, net of tax. The Bank loan provision/(benefit) for credit losses of $14 million and $(32) million for the three months ended December 31, 2020 and March 31, 2021, respectively, and $(18) million for the six months ended March 31, 2021 were determined under the CECL model and represented the provision/(benefit) for credit losses post the CECL adoption date.

(3)						The three months ended September 30, 2020 included a $7 million loss in our Capital Markets segment related to the sale of our interests in certain entities that operated predominantly in France, which closed during our fiscal first quarter of 2021. The three months ended December 31, 2020 and the six months ended March 31, 2021 included expenses in our Other segment associated with our acquisition of NWPS Holdings, Inc. and its wholly-owned subsidiaries, which was completed in December 2020, as well as our acquisition of Financo which was completed in March 2021.

(4)						The reduction in workforce expenses for the three months ended September 30, 2020 were associated with position eliminations in response to the economic environment. These expenses were included in our Other segment and primarily consisted of severance and related payroll expenses, as well as expenses related to company-paid benefits.

(5)						Earnings per common share is computed by dividing net income (less allocation of earnings and dividends to participating securities) by weighted-average common shares outstanding (basic or diluted as applicable) for each respective period or, in the case of adjusted earnings per common share, computed by dividing adjusted net income (less allocation of earnings and dividends to participating securities) by weighted-average common shares outstanding (basic or diluted as applicable) for each respective period.

(6)						Book value per share is computed by dividing total equity attributable to Raymond James Financial, Inc. by the number of common shares outstanding at the end of each respective period or, in the case of tangible book value per share, computed by dividing tangible common equity by the number of common shares outstanding at the end of each respective period. Tangible common equity is defined as total equity attributable to Raymond James Financial, Inc. less goodwill and intangible assets, net of related deferred taxes.

(7)						These are non-GAAP financial measures. See the schedules on the previous pages for a reconciliation of non-GAAP financial measures to the most directly comparable GAAP measures and for more information on these measures. As there were no non-GAAP adjustments to earnings for the three months ended March 31, 2021, percent changes for earnings-related non-GAAP financial measures are calculated based on GAAP results for the three months ended March 31, 2021 as compared to non-GAAP results for the three months ended December 31, 2020. In addition, as there were no non-GAAP adjustments to earnings for the six months ended March 31, 2020, percent changes for earnings-related non-GAAP financial measures are calculated based on non-GAAP results for the six months ended March 31, 2021 as compared to GAAP results for the six months ended March 31, 2020.

(8)						Estimated.

(9)						Return on equity is computed by dividing annualized net income by average equity for each respective period or, in the case of return on tangible common equity, computed by dividing annualized net income by average tangible common equity for each respective period. Adjusted return on equity is computed by dividing annualized adjusted net income by adjusted average equity for each respective period, or in the case of adjusted return on tangible common equity, computed by dividing annualized adjusted net income by adjusted average tangible common equity for each respective period.

(10)						Pre-tax margin is computed by dividing pre-tax income by net revenues for each respective period or, in the case of adjusted pre-tax margin, computed by dividing adjusted pre-tax income by net revenues for each respective period.

(11)						Total compensation ratio is computed by dividing compensation, commissions and benefits expense by net revenues for each respective period.

(12)						We earn fees from RJBDP, a multi-bank sweep program in which clients’ cash deposits in their brokerage accounts are swept into interest-bearing deposit accounts at Raymond James Bank and various third-party banks. Fees earned by Private Client Group on Raymond James Bank deposits are eliminated in consolidation.

(13)						Average yield on RJBDP - third-party banks is computed by dividing annualized RJBDP fees - third-party banks, which are net of the interest expense paid to clients by the third-party banks, by the average daily RJBDP balances at third-party banks.

(14)						The Other segment includes the results of our private equity investments, interest income on certain corporate cash balances, and certain corporate overhead costs of Raymond James Financial, Inc., including the interest costs on our public debt.

(15)						Average equity is computed by adding the total equity attributable to Raymond James Financial, Inc. as of the date indicated to the prior quarter-end total, and dividing by two, or in the case of average tangible common equity, computed by adding tangible common equity as of the date indicated to the prior quarter-end total, and dividing by two. For the year-to-date period, average equity is computed by adding the total equity attributable to Raymond James Financial, Inc. as of each quarter-end date during the indicated period to the beginning of year total, and dividing by three, or in the case of average tangible common equity, computed by adding tangible common equity as of each quarter-end date during the indicated period to the beginning of year total, and dividing by three. Adjusted average equity is computed by adjusting for the impact on average equity of the non-GAAP adjustments, as applicable for each respective period. Adjusted average tangible common equity is computed by adjusting for the impact on average tangible common equity of the non-GAAP adjustments, as applicable for each respective period.

FISCAL 2Q21 RESULTS April 28, 2021

2 Paul Reilly Chairman & CEO, Raymond James Financial OVERVIEW OF RESULTS

3 * This is a non-GAAP measure. See the schedule in the Appendix of this presentation for a reconciliation of our non-GAAP measures to the most directly comparable GAAP measures and for more information on these measures. FISCAL 2Q21 HIGHLIGHTS $ in millions, except per share amounts 2Q21 vs. 2Q20 vs. 1Q21 As Reported: Net revenues RECORD $ 2,372 15% 7% Net income RECORD $ 355 110% 14% Earnings per common share - diluted RECORD $ 2.51 109% 13% 2Q20 1Q21 Return on equity 19.0 % 9.9% 17.2% Return on tangible common equity* 21.2 % 10.8% 19.0%

4 FISCAL 2Q21 KEY METRICS $ in billions 2Q21 vs. 2Q20 vs. 1Q21 Client assets under administration RECORD $ 1,085.4 40% 6% Private Client Group (PCG) assets under administration RECORD $ 1,028.1 40% 6% PCG assets in fee-based accounts RECORD $ 567.6 48% 7% Financial assets under management RECORD $ 178.2 39% 5% Total clients' domestic cash sweep balances RECORD $ 62.8 19% 2% PCG financial advisors RECORD 8,327 2% 1% Bank loans, net RECORD $ 22.9 5% 4% Note: Records indicated as of quarter-end date and do not reflect monthly reported data.

5 FISCAL 2Q21 SEGMENT RESULTS $ in millions 2Q21 vs. 2Q20 vs. 1Q21 Net Revenues: Private Client Group RECORD $ 1,647 10% 12% Capital Markets $ 433 49% (4)% Asset Management RECORD $ 209 14% 7% Raymond James Bank $ 160 (24)% (4)% Consolidated net revenues RECORD $ 2,372 15% 7% Pre-Tax Income: Private Client Group RECORD $ 192 13% 37% Capital Markets $ 105 275% (19)% Asset Management RECORD $ 87 19% 5% Raymond James Bank $ 111 693% 56% Consolidated pre-tax income RECORD $ 447 87% 12% Note: Segments do not total consolidated results because of the Other segment and intersegment eliminations not shown.

6 FYTD 2021 HIGHLIGHTS (6 months) $ in millions, except per share amounts FYTD 2021 vs. FYTD 2020 As Reported: Net revenues RECORD $ 4,594 13% Net income RECORD $ 667 53% Earnings per common share - diluted RECORD $ 4.74 53% FYTD 2020 Return on equity 18.1 % 13.0% vs. FYTD 2020 Non-GAAP Measures:* Adjusted net income RECORD $ 669 53% Adjusted earnings per common share - diluted RECORD $ 4.76 54% FYTD 2020 Adjusted return on equity 18.2 % NA Return on tangible common equity 20.1 % 14.2% Adjusted return on tangible common equity 20.2 % NA Note: FYTD 2021 is from the period October 1, 2020 to March 31, 2021; FYTD 2020 is from the period October 1, 2019 to March 31, 2020. * These are non-GAAP measures. See the schedule in the Appendix of this presentation for a reconciliation of our non-GAAP measures to the most directly comparable GAAP measures and for more information on these measures.

7 FYTD 2021 SEGMENT RESULTS (6 months) $ in millions FYTD 2021 vs. FYTD 2020 Net Revenues: Private Client Group RECORD $ 3,114 7% Capital Markets RECORD $ 885 59% Asset Management RECORD $ 404 10% Raymond James Bank $ 327 (23)% Consolidated net revenues RECORD $ 4,594 13% Pre-Tax Income: Private Client Group RECORD $ 332 3% Capital Markets RECORD $ 234 311% Asset Management RECORD $ 170 16% Raymond James Bank $ 182 22% Consolidated pre-tax income RECORD $ 846 41% Note: FYTD 2021 is from the period October 1, 2020 to March 31, 2021; FYTD 2020 is from the period October 1, 2019 to March 31, 2020; Segments do not total consolidated results because of the Other segment and intersegment eliminations not shown.

8 Paul Shoukry Chief Financial Officer, Raymond James Financial FINANCIAL REVIEW

9 CONSOLIDATED NET REVENUES $ in millions 2Q21 vs. 2Q20 vs. 1Q21 Asset management and related administrative fees $ 1,173 17% 10% Brokerage revenues 591 15% 12% Account and service fees 159 (8)% 10% Investment banking 242 64% (7)% Interest income 200 (30)% (1)% Other 44 NM (21)% Total revenues 2,409 14% 7% Interest expense (37) (14)% (3)% Net revenues $ 2,372 15% 7%

10 Note: May not total due to rounding. * Raymond James Bank Deposit Program (RJBDP) is a multi-bank sweep program in which clients' cash deposits in their brokerage accounts are swept into interest-bearing deposit accounts at Raymond James Bank and various third-party banks. C lie nt s' D om es tic C as h S w ee p B al an ce s ($ B ) C ash S w eep B alances as a % of D om estic P C G A U A Clients' Domestic Cash Sweep Balances as a % of Domestic PCG Assets Under Administration (AUA) 28.7 24.1 25.6 26.7 28.2 20.4 24.7 26.0 26.1 25.1 3.8 3.2 4.0 8.8 9.552.9 51.9 55.6 61.6 62.8 7.6% 6.6% 6.7% 6.7% 6.5% 2Q20 3Q20 4Q20 1Q21 2Q21 DOMESTIC CASH SWEEP BALANCES Year-over-year change: 19% Sequential change: 2% RJBDP- RJ Bank* RJBDP- Third-Party Banks* Client Interest Program

11 NET INTEREST INCOME & RJBDP FEES (THIRD-PARTY BANKS) * As reported in Account and Service Fees in the PCG segment. ** Computed by dividing annualized RJBDP fees - third-party banks, which are net of the interest expense paid to clients by the third-party banks, by the average daily RJBDP balance at third-party banks. Firmwide Net Interest Income RJBDP Fees (Third-Party Banks)* $ in m ill io ns 293 195 180 186 182 242 175 159 165 163 51 20 21 21 19 2Q20 3Q20 4Q20 1Q21 2Q21 Average Yield on RJBDP (Third-Party Banks)** 1.33% 0.33% 0.33% 0.31% 0.30% 2Q20 3Q20 4Q20 1Q21 2Q21 Net Interest Margin 3.02% 2.29% 2.09% 2.02% 1.94% 2.60% 1.75% 1.56% 1.45% 1.32% 2Q20 3Q20 4Q20 1Q21 2Q21 Firmwide Net Interest Margin RJ Bank Net Interest Margin

12 CONSOLIDATED EXPENSES $ in millions 2Q21 vs. 2Q20 vs. 1Q21 Compensation, commissions and benefits $ 1,648 16% 10% Non-compensation expenses: Communications and information processing 107 8% 8% Occupancy and equipment 57 2% —% Business development 21 (49)% (9)% Investment sub-advisory fees 31 19% 11% Professional fees 24 4% (20)% Bank loan provision/(benefit) for credit losses (32) NM NM Other 69 30% (1)% Total non-compensation expenses 277 (32)% (14)% Total non-interest expenses $ 1,925 5% 6% Total Compensation Ratio 68.8% 69.6% 68.1% 67.5% 69.5% 2Q20 3Q20 4Q20 1Q21 2Q21 Total Non-Compensation Expenses $ in millions 407 359 408 323 277 2Q20 3Q20 4Q20 1Q21 2Q21

13 * 4Q20 included a $7 M loss in our Capital Markets segment related to the sale of our interests in certain entities that operated predominantly in France, which closed during 1Q21, and $46 M in our Other segment related to the reduction in workforce expenses associated with position eliminations that occurred in response to the economic environment. ** This is a non-GAAP measure. See the schedule in the Appendix of this presentation for a reconciliation of our non- GAAP measures to the most directly comparable GAAP measures and for more information on these measures. 11.6% 10.8% 12.3% 18.0% 18.8% 14.9% Pre-Tax Margin (GAAP) Pre-Tax Margin (Adjusted)** 2Q20 3Q20 4Q20* 1Q21 2Q21 CONSOLIDATED PRE-TAX MARGIN

14 OTHER FINANCIAL INFORMATION $ in millions, except per share amounts 2Q21 vs. 2Q20 vs. 1Q21 Total assets $ 56,066 13% 4% RJF corporate cash* $ 1,701 (12)% (5)% Total equity attributable to RJF $ 7,592 12% 3% Book value per share $ 55.34 11% 3% Tangible book value per share** $ 49.42 9% 3% Weighted-average common and common equivalent shares outstanding – diluted 141.2 —% 1% 2Q20 1Q21 Tier 1 capital ratio 23.6 % 24.1% 23.4% Total capital ratio 24.7 % 25.3% 24.6% Tier 1 leverage ratio 12.2 % 14.2% 12.9% Effective tax rate 20.6 % 29.3% 21.8% * This amount includes cash on hand at the parent, as well as parent cash loaned to Raymond James & Associates ("RJ&A"), which RJ&A has invested on behalf of RJF in cash and cash equivalents or otherwise deployed in its normal business activities. ** This is a non-GAAP measure. See the schedule in the Appendix of this presentation for a reconciliation of our non-GAAP measures to the most directly comparable GAAP measures and for more information on these measures.

15 Dividends Paid and Share Repurchases* $ in millions 254 51 101 65 114 202 50 60 52 51 51 55 54 Share Repurchases* Dividends Paid 2Q20 3Q20 4Q20 1Q21 2Q21 CAPITAL MANAGEMENT $680 million remains under current share repurchase authorization Number of Shares Repurchased* (thousands) 2,548 — 678 108 500 Average Share Price of Shares Repurchased* $79.21 — $73.74 $92.79 $120.06 * Under the Board of Directors' share repurchase authorization. ** Share repurchases in 1Q21 totaled $10 million. Total of $585 million over the past 5 quarters **

16 RAYMOND JAMES BANK KEY CREDIT TRENDS $ in millions 2Q21 vs. 2Q20 vs. 1Q21 Bank loan provision/(benefit) for credit losses* $ (32) NM NM Net charge-offs: Charge-offs related to loan sales $ 2 NM NM All other — — — Total net charge-offs $ 2 NM NM 2Q20 1Q21 Nonperforming assets as a % of total assets 0.09 % 0.08% 0.09% Bank loan allowance for credit losses as a % of loans held for investment* 1.50 % 1.47% 1.71% Criticized loans as a % of loans held for investment 4.35 % 1.76% 4.06% * The allowance for credit losses as of March 31, 2021 was determined under the current expected credit loss (“CECL”) model as a result of our October 1, 2020 adoption of new accounting guidance related to the measurement of credit losses on financial instruments.

17 OUTLOOK

APPENDIX 18

19 Note: Please refer to the footnotes on slide 22 for additional information. Three months ended Six months ended $ in millions September 30, 2020 December 31, 2020 March 31, 2021 Net income $ 209 $ 312 $ 667 Non-GAAP adjustments: Acquisition and disposition-related expenses (1) 7 2 2 Reduction in workforce expenses (2) 46 — — Pre-tax impact of non-GAAP adjustments 53 2 2 Tax effect of non-GAAP adjustments (13) — — Total non-GAAP adjustments, net of tax 40 2 2 Adjusted net income $ 249 $ 314 $ 669 Pre-tax income $ 256 $ 399 $ 846 Pre-tax impact of non-GAAP adjustments (as detailed above) 53 2 2 Adjusted pre-tax income $ 309 $ 401 $ 848 Pre-tax margin (3) 12.3 % 18.0 % 18.4 % Non-GAAP adjustments: Acquisition and disposition-related expenses (1) 0.4 % — % 0.1 % Reduction in workforce expenses (2) 2.2 % — % — % Total non-GAAP adjustments, net of tax 2.6 % — % 0.1 % Adjusted pre-tax margin (3) 14.9 % 18.0 % 18.5 % continued on next slide We utilize certain non-GAAP financial measures as additional measures to aid in, and enhance, the understanding of our financial results and related measures. These non-GAAP financial measures have been separately identified in this document. We believe certain of these non-GAAP financial measures provides useful information to management and investors by excluding certain material items that may not be indicative of our core operating results. We utilize these non-GAAP financial measures in assessing the financial performance of the business, as they facilitate a comparison of current- and prior-period results. We believe that return on tangible common equity and tangible book value per share are meaningful to investors as they facilitate comparisons of our results to the results of other companies. In the following table, the tax effect of non-GAAP adjustments reflects the statutory rate associated with each non-GAAP item. These non-GAAP financial measures should be considered in addition to, and not as a substitute for, measures of financial performance prepared in accordance with GAAP. In addition, our non-GAAP financial measures may not be comparable to similarly titled non-GAAP financial measures of other companies. The following tables provide a reconciliation of non-GAAP financial measures to the most directly comparable GAAP measures for those periods which include non-GAAP adjustments. RECONCILIATION OF NON-GAAP FINANCIAL MEASURES TO GAAP FINANCIAL MEASURES (UNAUDITED)

20 Note: Please refer to the footnotes on slide 22 for additional information. Book value per share As of $ in millions, except per share amounts March 31, 2020 December 31, 2020 March 31, 2021 Total equity attributable to Raymond James Financial, Inc. $ 6,798 $ 7,363 $ 7,592 Less non-GAAP adjustments: Goodwill and identifiable intangible assets, net 603 834 868 Deferred tax liabilities, net (30) (56) (56) Tangible common equity attributable to Raymond James Financial, Inc. $ 6,225 $ 6,585 $ 6,780 Common shares outstanding 136.8 137.4 137.2 Book value per share (5) $ 49.69 $ 53.59 $ 55.34 Tangible book value per share (5) $ 45.50 $ 47.93 $ 49.42 Three months ended Six months ended Earnings per common share (4) December 31, 2020 March 31, 2021 Basic $ 2.27 $ 4.85 Non-GAAP adjustments: Acquisition and disposition-related expenses (1) 0.02 0.02 Tax effect of non-GAAP adjustments — — Total non-GAAP adjustments, net of tax 0.02 0.02 Adjusted basic $ 2.29 $ 4.87 Diluted $ 2.23 $ 4.74 Non-GAAP adjustments: Acquisition and disposition-related expenses (1) 0.01 0.02 Tax effect of non-GAAP adjustments — — Total non-GAAP adjustments, net of tax 0.01 0.02 Adjusted diluted $ 2.24 $ 4.76 RECONCILIATION OF NON-GAAP FINANCIAL MEASURES TO GAAP FINANCIAL MEASURES (UNAUDITED) continued on next slide

21 Note: Please refer to the footnotes on slide 22 for additional information. Return on equity Three months ended Six months ended $ in millions March 31, 2020 December 31, 2020 March 31, 2021 March 31, 2020 March 31, 2021 Average equity (6) $ 6,820 $ 7,239 $ 7,478 $ 6,740 $ 7,356 Impact on average equity of non-GAAP adjustments: Acquisition and disposition-related expenses (1) NA 1 NA NA 1 Tax effect of non-GAAP adjustments NA — NA NA — Adjusted average equity (6) NA $ 7,240 NA NA $ 7,357 Average equity (6) $ 6,820 $ 7,239 $ 7,478 $ 6,740 $ 7,356 Less: Average goodwill and identifiable intangible assets, net 606 717 851 608 767 Average deferred tax liabilities, net (31) (45) (56) (30) (49) Average tangible common equity (6) $ 6,245 $ 6,567 $ 6,683 $ 6,162 $ 6,638 Impact on average equity of non-GAAP adjustments: Acquisition and disposition-related expenses (1) NA 1 NA NA 1 Tax effect of non-GAAP adjustments NA — NA NA — Adjusted average tangible common equity (6) NA $ 6,568 NA NA $ 6,639 Return on equity (7) 9.9 % 17.2 % 19.0 % 13.0 % 18.1 % Adjusted return on equity (7) NA 17.3 % NA NA 18.2 % Return on tangible common equity (7) 10.8 % 19.0 % 21.2 % 14.2 % 20.1 % Adjusted return on tangible common equity (7) NA 19.1 % NA NA 20.2 % RECONCILIATION OF NON-GAAP FINANCIAL MEASURES TO GAAP FINANCIAL MEASURES (UNAUDITED) continued on next slide

22 FOOTNOTES (1) The three months ended September 30, 2020 included a $7 million loss in our Capital Markets segment related to the sale of our interests in certain entities that operated predominantly in France, which closed during our fiscal first quarter of 2021. The three months ended December 31, 2020 and the six months ended March 31, 2021 included expenses in our Other segment associated with our acquisition of NWPS Holdings, Inc. and its wholly-owned subsidiaries, which was completed in December 2020, as well as our acquisition of Financo which was completed in March 2021. (2) The reduction in workforce expenses for the three months ended September 30, 2020 were associated with position eliminations in response to the economic environment. These expenses were included in our Other segment and primarily consisted of severance and related payroll expenses, as well as expenses related to company-paid benefits. (3) Pre-tax margin is computed by dividing pre-tax income by net revenues for each respective period or, in the case of adjusted pre-tax margin, computed by dividing adjusted pre-tax income by net revenues for each respective period. (4) Earnings per common share is computed by dividing net income (less allocation of earnings and dividends to participating securities) by weighted-average common shares outstanding (basic or diluted as applicable) for each respective period or, in the case of adjusted earnings per common share, computed by dividing adjusted net income (less allocation of earnings and dividends to participating securities) by weighted-average common shares outstanding (basic or diluted as applicable) for each respective period. (5) Book value per share is computed by dividing total equity attributable to Raymond James Financial, Inc. by the number of common shares outstanding at the end of each respective period or, in the case of tangible book value per share, computed by dividing tangible common equity by the number of common shares outstanding at the end of each respective period. Tangible common equity is defined as total equity attributable to Raymond James Financial, Inc. less goodwill and intangible assets, net of related deferred taxes. (6) Average equity is computed by adding the total equity attributable to Raymond James Financial, Inc. as of the date indicated to the prior quarter-end total, and dividing by two, or in the case of average tangible common equity, computed by adding tangible common equity as of the date indicated to the prior quarter-end total, and dividing by two. For the year-to-date period, average equity is computed by adding the total equity attributable to Raymond James Financial, Inc. as of each quarter-end date during the indicated period to the beginning of year total, and dividing by three, or in the case of average tangible common equity, computed by adding tangible common equity as of each quarter-end date during the indicated period to the beginning of year total, and dividing by three. Adjusted average equity is computed by adjusting for the impact on average equity of the non-GAAP adjustments, as applicable for each respective period. Adjusted average tangible common equity is computed by adjusting for the impact on average tangible common equity of the non-GAAP adjustments, as applicable for each respective period. (7) Return on equity is computed by dividing annualized net income by average equity for each respective period or, in the case of return on tangible common equity, computed by dividing annualized net income by average tangible common equity for each respective period. Adjusted return on equity is computed by dividing annualized adjusted net income by adjusted average equity for each respective period, or in the case of adjusted return on tangible common equity, computed by dividing annualized adjusted net income by adjusted average tangible common equity for each respective period.


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $.01 par value	RJF	New York Stock Exchange


	RAYMOND JAMES FINANCIAL, INC.


Date: April 28, 2021	By:	/s/ Paul M. Shoukry
		Paul M. Shoukry
		Chief Financial Officer and Treasurer