Stifel Financial Corp. saw an 11% profit increase in the first quarter in what shaped up to be its second best quarter on record for net revenue, net income and diluted earnings per share, though the firm still has a cautious outlook for the rest of the year.

Stifel’s net income for the first quarter totaled $34.8 million, or 55 cents per share, up 10.7% from $31.4 million, or 50 cents per share, in the first quarter of 2011, the firm said in its earnings release on Wednesday. Net income rose 28.7% from $27 million, or 43 cents per share, for the fourth quarter.

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