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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 | |
---|---|---|---|---|---|---|---|---|
2.47 | 0.59% | 418.95 | 420.41 | 414.36 | 417.60 | 277,718 | 21:44:55 |
By Josh Beckerman
Ameriprise Financial Inc. said its first-quarter earnings fell 2% as its advice-and-wealth-management business continued to post strong growth but equity market volatility hurt results.
The financial-services company also increased its quarterly dividend to 67 cents from 58 cents.
Operating net revenue rose 3%, as growth was partially offset by foreign-exchange effects, lower interest rates and lower activity due to market volatility.
"Retail client asset growth was strong from net inflows, new client acquisition and experienced adviser recruiting," the company said.
Ameriprise reported a profit of $393 million, or $2.08 a share, compared with $400 million, or $2.01 a share, a year earlier.
Per-share operating earnings, which exclude realized gains and losses, market effects on variable annuity benefits and other items, rose to $2.18 from $2.04.
Revenue increased 3% to $3.05 billion.
Analysts polled by Thomson Reuters expected per-share operating profit of $2.33 and revenue of $3.1 billion.
Total assets under management and administration grew 4% to $815 billion, reflecting adviser client net inflows and market appreciation, partially offset by an unfavorable foreign exchange impact of more than $17 billion.
Advice-and-wealth-management client assets increased 85% to $453 billion.
In after-hours trading, Ameriprise shares were down 1.2% to $130.
Write to Josh Beckerman at josh.beckerman@wsj.com
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