NU Online News Service, May 14, 2003, 4:59 p.m. EDT – Bank investment and insurance programs had a solid first quarter, reports the Bank Insurance and Securities Association, Wayne, Pa.
Although stock prices were down, bank investment and insurance programs ended the quarter with higher profits and higher revenue.
Average annualized profits from bank broker-dealer operations increased to $1,178 per $1 million in retail deposits, from $986 for the first quarter of 2002, BISA says.
Full-time, Series 7 retail investment sales representatives working in banks averaged $23,763 in gross commission revenues per month during the first quarter. That’s down from a monthly average of $25,382 for the first quarter of 2002, but it’s up slightly from $23,740 for the fourth quarter of 2002.
The sequential increase is the first recorded since the first quarter of 2001, according to the BISA data, which is compiled by Kenneth Kehrer Associates, Princeton, N.J.
The figures for licensed bankers paint an even brighter picture.