Raymond James Financial, Inc. announced unaudited consolidated earnings results for the first quarter ended December 31, 2015. For the quarter, the company reported net revenues of $1,274,517,000 compared to $1,252,460,000 a year ago. Pre-tax income was $168,338,000 compared to $202,908,000 a year ago.

Net income attributable to the company was $106,329,000 or $0.73 per diluted share compared to $126,296,000 or $0.87 per diluted share a year ago. The decline in net income was largely caused by expenses related to growth and increased reserves for legal and regulatory matters in the private client group segment. Book value per share was $32.37 compared to $30.09 a year ago.

Return on equity - quarter (annualized) was 9.3% compared to 12.0% a year ago. Total revenues were $1,301,526,000 compared to $1,279,844,000 a year ago, the sequential decline in Revenue was primarily attributable to beginning the quarter with lower assets in fee-based accounts, which was due to the equity market decline in the preceding quarter, as well as an extremely challenging environment for equity investment banking in November and December.