Jefferies Group LLC (Jefferies) has released its financial results for the second quarter of its 2018 fiscal year. The American investment bank and financial services firm saw a significant increase in year on year total revenues.
At the end of last year’s second quarter, Jefferies attained total revenues of approximately $686 million. Today’s report indicates that the firm finished this year’s second quarter with $823 million in total revenue, equivalent to a 20 percent year on year increase.
This increase was largely driven by a substantial improvement in the performance of Jefferies’ investment banking division. The firm saw net revenues from its investment banking services increasing to $506 million last quarter, representing a 42 percent year on year increase for the division.
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Investment banking up, profits up
As a result of this growth, the firm was able to report a significant increase in its pre and post-tax net earnings for the second quarter of this fiscal year. This year the firm saw pre-tax earnings of just under $122 million, a slight increase on last year when the firm finished its second quarter with approximately $116 million in pre-tax earnings.
Due to a reduced tax bill, the firm’s post-tax performance was even better. At the end of last year’s second quarter, the firm reported net earnings of $69.75 million. This year that figure increased to just over $98 million, representing 41 percent in year on year growth for the firm.
Commenting on their firm’s success at the end of the most recent quarter, Rich Handler, Chairman and Chief Executive Officer of Jefferies, and Brian Friedman, the firm’s Chairman of the Executive Committee, stated: “We are pleased with the firm’s performance this quarter, but believe we have the ability and the determination to do even better across every business line at Jefferies.”