Stifel Financial Corporation · NYSE:SF
Stifel Financial — Q3 2024 Earnings Presentation
14 slides from Stifel Financial's earnings presentation, Oct 23, 2024
Slide 1: Third Quarter 2024 Financial Results Presentation
Third Quarter 2024 Financial Results Presentation October 23, 2024 Quarterly Earnings Report
Slide 2: Third Quarter Snapshot
Third Quarter Snapshot 3Q24 RESULTS millions, except per share and ratios NET REVENUE NET EARNINGS EPS 3Q24: GAAP & NON-GAAP $1,225 3Q24: GAAP $159 & NON-GAAP $176 3Q24: GAAP $1.34 & NON-GAAP $1.50 YTD: GAAP & NON-GAAP $3,606 YTD: GAAP $487 & NON-GAAP $534 YTD: GAAP $4.16 & NON-GAAP $4.58 ANNUALIZED
Slide 3: Variance to Consensus Estimates
Variance to Consensus Estimates Third Quarter Results Variance to Consensus Estimates Commentary on Variance to Analyst Estimates (in Millions, except diluted EPS and share data) Revenues 3Q24 Operating* 3Q24 Mean Analyst %∆ 3Q24 vs. 3Q23 Results ■ Commissions & Principal Transactions: Commissions +
Slide 4: Highly Complementary Business Lines
Highly Complementary Business Lines Significant Operating Leverage Expect to Benefit from Growth in Institutional Pre-tax Income $350 & Net Interest Income $300 $250 $200 millions $150 $100 $50 $0 2Q19 3Q19 2Q20 1Q21 4Q21 1Q22 3Q22 4Q22 2Q23 3Q23 1Q24 2Q24 1Q19 4Q19 1Q20 3Q20 4Q20 2Q21 3Q21 2Q22 1Q2
Slide 5: Wealth Management: A Key Growth Driver
Wealth Management: A Key Growth Driver CONSISTENT GROWTH $3,500 $3,000 Net Revenue (millions) $2,500 $2,000 $1,500 $1,000 $500 $0 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Brokerage Asset Management & Service Fees Net Interest Investment Banking & Other *2024 GWM Net Revenue based on an
Slide 6: Third Quarter Results
Third Quarter Results FINANCIAL RESULTS Sequential NET REVENUE millions 3Q24 Y/Y Change 2024 YTD VS 2023 YTD Change $1,400 Global Wealth Management $827 8% 3% $2,419 6% $1,218 $1,225 $1,146 $1,163 $1,200 Institutional 372 45% -5% 1,114 29% $1,045 Other 26 28% -4% 73 40% $1,000 millions Net revenue 1
Slide 7: Global Wealth Management
Global Wealth Management GLOBAL WEALTH MANAGEMENT REVENUE HIGHLIGHTS Sequential millions 3Q24 Y/Y Change 2024 YTD VS 2023 YTD Change ■ Record Quarterly Net Revenue Transactional $193 16% 9% $552 14% Asset Management 382 15% 0% 1,130 17% ■ Record Quarterly Asset Management Revenue Net Interest 241 -1
Slide 8: Strong Bank Fundamentals
Strong Bank Fundamentals SWEEP BALANCES INCREASED STRONG NIM DESPITE RISING DEPOSIT COSTS 7.00% $1,747 6.00% $1,097 $859 millions $726 $614 $651 $771 $505 $258 $368 $497 5.00% ($35) 4.00% 3.43% 3.24% ($742) ($623) 2.99% 3.04% 3.09% ($1,230) 3.00% 2.00% 1.00% 3Q23 4Q23 1Q24 2Q24 3Q24 0.00% Sweep Smar
Slide 9: Institutional Group
Institutional Group INSTITUTIONAL GROUP REVENUE Sequential HIGHLIGHTS millions 3Q24 Y/Y Change 2024 YTD VS 2023 YTD Change Advisory $137 41% 4% $388 15% ■ Ranked #1 in Municipal Issuance in Number of Capital Raising $100 119% 4% $287 62% Issues in 2024 with 14.9% Market Share Equity $51 141% 6% $139
Slide 10: Expenses
Expenses NON-GAAP EXPENSES & PRE-TAX INCOME Non-GAAP EXPENSE RATIOS 65% 35% Non-compensation Ratio millions 3Q24 3Q23 Y/Y Change 63% 30% Compensation Ratio 25% Compensation $711 $606 17% 61% 20% Non-compensation Expense, 59% $260 $302 -14% 15% Ex. IB Gross Up & Credit Loss 57% 58.0% 58.0% 58.0% 58.0
Slide 11: Capital Utilization
Capital Utilization FIRM-WIDE ASSETS & CAPITAL RATIOS HIGHLIGHTS $40,000 $38,935 22.0% $38,000 $37,878 $37,727 $38,258 $37,809 ■ Repurchased 249,000 shares 20.0% $36,000 $34,000 18.0% ■ Bank Funding Increased at CAGR of 14% $32,000 17.8% 17.9% 16.0% Since 2019 millions 17.2% 17.3% 16.9% $30,000 $28,
Slide 12: Concluding Remarks
Concluding Remarks Quarterly Earnings Report
Slide 13: Third Quarter 2024 Financial Results Presentation
Third Quarter 2024 Financial Results Presentation October 23, 2024 Quarterly Earnings Report
Slide 14: Disclaimer
Disclaimer Forward-Looking Statements This presentation may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 that involve significant risks, assumptions, and uncertainties, including statements relating to the market opportunity and futu