Ameriprise 1Q Profit Climbs 13% As Revenue, Assets Under Management Rise

Date : 04/25/2011 @ 4:53PM
Source : Dow Jones News
Stock : Ameriprise Financial, Inc. (AMP)
Quote : 129.0  -1.88 (-1.44%) @ 4:02PM

Ameriprise 1Q Profit Climbs 13% As Revenue, Assets Under Management Rise

AMP (NYSE:AMP)
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Ameriprise Financial Inc.'s (AMP) first-quarter earnings rose 13%, beating analysts' estimates, as the company's assets under management and revenue increased.

"We had a strong start to the year, with solid growth across our business," said Chairman and Chief Executive Jim Cracchiolo. "Adviser productivity is at record levels, and retail client assets, inflows and activity all improved."

The financial-services planning provider's results have been boosted recently by its $1 billion acquisition of the Columbia Management business from Bank of America Corp. (BAC) last April, and the company's advice and wealth-management revenue and profit have surged of late. In the most recent quarter, that segment's top line rose 19%, while profit more than doubled to $100 million from $48 million.

Ameriprise reported a profit of $241 million, or 94 cents a share, up from $214 million, or 81 cents, a year earlier. Excluding items such as integration expenses and a charge for a legal matter at its Securities America arm, operating earnings were $1.35 a share.

Net revenue on the same basis jumped 22% to $2.62 billion and rose 17% on a fully reported basis.

Analysts polled by Thomson Reuters had most recently forecast earnings of $1.32 on $2.73 billion in revenue.

Assets under management and administration totaled $693 billion, up 50% on the year, following the Columbia deal.

Shares closed at $62.62 and were inactive after hours. The stock has risen 28% the past year.

-By Nathan Becker, Dow Jones Newswires; 212-416-2855; nathan.becker@dowjones.com

 
 



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