04:53 PM EDT, 03/27/2024 (MT Newswires) -- Jefferies Financial Group ( JEF ) fiscal first-quarter results advanced year over year, buoyed by momentum in investment banking.

Per-share earnings rose 23% to $0.66 in the three months ended Feb. 29, while revenue advanced 35% to $1.74 billion, the company said late Wednesday.

"Our (first-quarter) results reflect solid performance across our businesses and our Investment Banking pipeline continues to strengthen, which leads us to believe a more robust market is developing," Chief Executive Richard Handler and President Brian Friedman said in a statement.

Investment banking net revenue soared 31% year over year to $739.7 million, driven by gains across advisory and equity and debt underwriting. The number of merger and acquisition deals improved, according to Handler and Friedman.

"We expect our investment banking momentum to continue, and the market share gains we have achieved compared to the prior quarter and prior year quarter across advisory, equity underwriting and leveraged finance to continue," Handler and Friedman said.

Total capital markets revenue advanced to $711.6 million in the first quarter from $654.3 million a year earlier due to stronger performance in equities that Jefferies Financial ( JEF ) attributed to increased volume and more favorable trading opportunities.

Asset management net revenue nearly quadrupled to $273.4 million.

Price: 46.05, Change: -0.08, Percent Change: -0.17