Ameriprise Financial said net income from continuing operations — excluding Securities America — was $313 million, or $1.25 per share, in the second quarter vs. $257 million, or $0.97 per share, a year ago. Revenues for the period were $2.62 billion vs. $2.48 billion a year ago.
Operating earnings for the second quarter were $328 million, or $1.31 per share, up 21 percent from $272 million, or $1.03 per share, a year ago, according the company. Operating net revenues were $2.6 billion in Q2, up 14 percent from $2.3 billion a year ago “driven by growth in asset-based fees from retail client net inflows, market appreciation and the Columbia Management acquisition,” the firm said in a press release.
On April 25, Ameriprise announced plans to to sell its Securities America operations, which have been plagued by legal expenses tied to the sale of private placements. It took an after-tax charge of $77 million in Q1 related to these costs.
In its second-quarter earnings release, the company said, “The previously announced sale of Securities America is progressing as anticipated. Securities America is now reported as discontinued operations for second quarter 2011 and for all prior periods.”