Raymond James Q2 profit rises on strong capital markets performance

Raymond James on Wednesday posted a 11% rise in second-quarter adjusted profit, powered by strong performance in its capital markets business on the back of a rebound in mergers and acquisitions. After a two-year dry spell, global M&A activity bounced back this year, on expectations of potential interest rate cuts and a rally in the equity markets. Revenue in the capital markets unit jumped 6% to $321 million in the January-to-March quarter, driven by a rebound in investment banking, which increased to $171 million from $145 million in the year ago period.