Jefferies profits soar thanks to recovery boosting stock market

 
Tim Wallace
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INVESTMENT bank Jefferies saw record fourth quarter profits in the three months to 30 November, the institution said yesterday.

Net earnings soared to $120m (£73.7m), up 67.7 per cent on the same period of 2012.

Net revenue increased 21.7 per cent to $935.7m while non-pay expenses edged up 6.4 per cent to $198.1m.

The success of the quarter pushed compensation expenses to $546.3m, up 18.6 per cent on the year.

Revenue from equities jumped 66.7 per cent on the year to $294.4m, but fixed income revenues dropped 27.5 per cent to $212.3m.

“Our investment banking performance benefited from a strong equities and leveraged finance new issues market and demonstrates our significant market presence and value added capabilities,” said chief executive Richard Handler.