Jefferies Posts 21% Yearly Decline in Net Revenues During Q3 FY22
The investment bank and financial services firm Jefferies Financial Group has published its financial results for the third quarter of the 2022 financial year ended August 31, 2022. The company saw YoY declines in quarterly revenues and net income.
During the quarter, the American investment bank and financial services company posted net income of $195 million. For the same quarter last year, it reported a net income of $407 million. The diluted earnings per common share attributable to common shareholders touched $0.78, while this number was $1.5 a year ago.
For the three months, Jefferies reported net revenues of $1.52 billion, down 21% over the prior year third quarter's $1.94 billion. In addition, Jefferies recorded a pre-tax income of $302 million, down 45% over the prior year comparable quarter.
For the six-month period that ended August 31, 2022, Jefferies's net income attributable to common shareholders touched $637 million, or $2.48 per diluted share.
"Our third quarter results reflect the strength and momentum of our firm, our team, our brand and our market position, despite the challenges of the current market environment. Investment Banking and Equities were very resilient, and we expect we have gained market share in those areas as we continue to support our clients through this volatile time,"Jefferies's CEO, Richard Handler, and President, Brian Friedman said.
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