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KBW Inc. said Thursday that profit in the second quarter rose 23.8% from a year earlier, to $10.4 million, driven by a pickup in the investment banking business.
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Revenue from investment banking, traditionally the company's largest business, rose 47%, to $67.3 million, and commissions on trading grew 22.2%, to $38.6 million.
Total revenue grew 30.6%, to $119.8 million. The New York company's operating leverage was negative, it said, citing an initial public offering in November that pushed up expenses by a hefty 32.1%, to $101.2 million.
