Raymond James Financial (NYSE:RJF) on Wednesday posted slightly stronger-than-expected earnings for its fiscal Q1 FY2022 that climbed from the prior quarter and from a year earlier, as “the benefit of higher interest rates more than offset the decline in capital markets results,” said Chair and CEO Paul Reilly.

Q1 adjusted EPS of $2.29, exceeding the $2.28 consensus estimate, rose from $2.08 in Q3 and from $2.17 in the year-ago quarter.

Net revenue of $2.79B, falling short of the $2.83B consensus, dipped from $2.83B in the previous quarter and gained from $2.78B a year before.

Net interest income and Raymond James Bank Deposit Program fees from third-party banks came in at $723M, up 253% over the prior year’s fiscal Q1 and +19% over the preceding quarter.

Asset management and related administrative fees were $1.24B for the three months ended Dec. 31, 2022, compared with $1.29B for the quarter ended Sept. 30, 2022, and $1.38B for the quarter ended Dec. 31, 2021.

Its Private Client Group segment saw record quarterly pre-tax income of $434M, up 17% from Q4 and +123% from a year ago. Capital Markets, meanwhile, experienced a pre-tax loss of $16M, compared with income of $66M in Q4 and $201M a year ago, amid market volatility and macroeconomic uncertainties. Asset Management unit pre-tax income of $80M vs. $83M in Q4 and $107M a year earlier.

“While the economic outlook remains uncertain, we are well positioned with strong capital ratios and a flexible balance sheet,” Reilly added.

Earlier, Raymond James Non-GAAP EPS of $2.29 beats by $0.01, revenue of $2.79B misses by $40M.