U.S. investment bank Jefferies Financial Group reported third-quarter results on the 28th, covering June through August, with profit beating market expectations. Fee income from M&A advisory and equity underwriting grew, and revenue in the equities trading division set a record high. Net income attributable to shareholders was 260.6 million dollars, or 1.08 dollars per share, beating the average analyst estimate of 1 dollar per share compiled by LSEG. Investment banking revenue rose 17 percent to 1.33 billion dollars, while revenue in the capital markets business, which includes trading, rose 11 percent to 802 million dollars. The asset management division, by contrast, struggled, with combined fee and investment return revenue falling to 34 million dollars from 84 million dollars a year earlier. The decline stemmed from weaker performance across several fund strategies, including Point Bonita, which had exposure to the failed auto parts supplier First Brands.
Jefferies Financial Group IncQ3 profit beat estimates with record equities trading revenue and 17% higher investment banking revenue.
