Oppenheimer Holdings Inc. reported a total revenue of $367.8 million for the first quarter of 2025, marking an increase of 4.9% from $353.1 million in the same period of 2024. The company's net income rose to $30.7 million, up from $25.7 million year-over-year, resulting in earnings per share of $2.93, compared to $2.50 in the prior year. The increase in revenue was primarily driven by higher commissions and advisory fees, which rose to $110.9 million and $128.8 million, respectively, while investment banking revenue saw a slight decline to $47.6 million.
In terms of operational metrics, Oppenheimer's customer receivables increased to $1.35 billion from $1.27 billion, reflecting a growing client base. The company also reported a total of 89 retail branch offices across 25 states, with continued expansion in international markets, including offices in Puerto Rico, Israel, Hong Kong, and the UK. The total assets of the company increased to $3.57 billion, up from $3.38 billion at the end of 2024, indicating a solid financial position.
The company experienced a notable increase in expenses, which rose to $326.4 million from $315.7 million in the previous year, largely due to higher compensation and related expenses. Despite this increase, Oppenheimer managed to improve its pre-tax income to $41.4 million, compared to $37.5 million in the first quarter of 2024. The effective tax rate for the quarter was 25.9%, down from 31.3% in the prior year, benefiting from fewer non-deductible expenses.
Strategically, Oppenheimer has continued to focus on enhancing its service offerings and expanding its market presence. The company has been actively involved in share repurchase programs, having repurchased 1,530 shares during the first quarter of 2025. The board also declared a quarterly dividend of $0.18 per share, payable in May 2025, reflecting the company's commitment to returning value to shareholders.
Looking ahead, Oppenheimer Holdings Inc. remains optimistic about its growth trajectory, supported by a strong balance sheet and a diversified revenue stream. The company plans to continue investing in its operational capabilities and expanding its geographic footprint, while also navigating the challenges posed by market conditions and regulatory requirements.
About OPPENHEIMER HOLDINGS INC
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