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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Ameriprise Financial Inc | NYSE:AMP | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-0.90 | -0.22% | 410.01 | 412.47 | 408.57 | 408.57 | 453,520 | 21:30:17 |
By Tess Stynes
Ameriprise Financial Inc.'s (AMP) second-quarter earnings rose 44% as the financial-services company and asset manager reported broad revenue growth and a strong performance at its advice and wealth management business.
Ameriprise has generally reported higher operating earnings over the past three years. The company has been helped by its $1 billion acquisition of the Columbia Management business from Bank of America Corp. (BAC) in 2010, as well as strength from the advice and wealth-management segment.
In the latest quarter the advice and wealth-management business reported operating earnings growth of 37% to $152 million, reflecting a revenue increase of 13% to $1.1 billion, as well as expense controls.
"All of our business segments performed well, most notably advice and wealth management. We're experiencing good growth in client acquisition and strong client net inflows, which are key drivers of advisor productivity gains," Chairman and Chief Executive Jim Cracchiolo said. "Even with the pressure of low interest rates, we're delivering meaningful growth in profitability."
Ameriprise Financial reported a second-quarter profit of $321 million, or $1.54 a share, up from $223 million, or 99 cents a share, a year earlier. Per-share operating earnings, which exclude realized gains and losses, market impacts on variable annuity benefits and other items, were up to $1.69 from $1.13.
Revenue increased 9.3% to $2.75 billion as management and financial advice fees grew 12% to $1.29 billion.
Analysts polled by Thomson Reuters most recently projected earnings of $1.62 a share on revenue of $2.77 billion.
Assets under management and administration were up 7% from a year earlier at $703 billion.
Shares were unchanged at $86.24 in after-hours trading. Through the close, the stock is up 38% this year.
Write to Tess Stynes at tess.stynes@dowjones.com
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