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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