Jefferies Financial Group Inc. announced robust fourth-quarter and annual financial results for 2024, with net earnings attributable to common shareholders more than tripling in Q4 to $205.7 million, up from $65.6 million in the prior year quarter. Diluted earnings per common share from continuing operations reached $0.91, a 214% increase year-over-year. Total net revenues for the quarter surged 63% to $1.96 billion, driven by strong performance across its core businesses.
For the full fiscal year 2024, Jefferies reported net revenues of $7.03 billion, a 50% increase from $4.70 billion in 2023. Diluted earnings per common share from continuing operations for the year were $2.96, up 169% from $1.10 in the previous year. Investment Banking net revenues for 2024 reached $3.44 billion, marking a 52% increase and the firm's second-highest annual results on record, with record market share across many key products, sectors, and regions.
The Investment Banking segment saw a 73% increase in Q4, including a record quarter in Advisory with a 91% rise. Equities net revenues were up 49%, and Fixed Income saw a 15% increase. Capital Markets net revenues for 2024 increased 24% to $2.76 billion, driven by strong performance in Equities and Fixed Income. The Asset Management segment's fee and investment return net revenues were substantially higher in Q4, reflecting fee growth and strong overall performance from various strategies.
In light of its strong performance and prospects, Jefferies' Board of Directors declared a quarterly cash dividend of $0.40 per common share, representing a 14.3% increase from the prior dividend rate. This dividend is payable on February 27, 2025, to shareholders of record on February 14, 2025. Management expressed optimism about the firm's position, noting a renewed M&A pipeline, growing IPO backlog, and increased demand for capital.
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