Stifel Q2 beat with $1.42 EPS, record wealth revenue. Q3 NII guided $290M-$300M, loan growth up to $4B. AI investments planned. Stock rose 2.3% after hours.
Stifel posted Q2 revenue of $1.45 billion and earnings per share of $1.42, the company said Tuesday. Wealth management revenue hit a record, helping the bottom line. The investment bank also laid out its outlook for the third quarter: net interest income between $290 million and $300 million, with a target of up to $4 billion in loan growth.
Management said the loan growth goal reflects stronger demand from corporate clients and a more favorable rate environment. The company also discussed plans to invest in artificial intelligence tools for its advisory platform, though it did not provide a specific spending figure.
Stifel's Q2 results topped the median analyst estimate on both revenue and profit, according to the company's earnings release. The stock rose 2.3% in after-hours trading following the announcement.
For the current quarter, the NII guide implies a slight sequential increase from Q2's $295 million, assuming the midpoint of the range. The company expects to fund the loan growth through a mix of deposit gathering and wholesale borrowing, executives said on the call.
Stifel also reported that its wealth management division added $3.5 billion in net new assets during the quarter, bringing total client assets to $485 billion. The firm's investment banking fees rose 12% from a year earlier, driven by debt underwriting.
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