Ameriprise Financial topped estimates with adjusted first-quarter earnings of $5.41 per share, up 46% from $3.75 per share a year ago. Its adjusted net income was $694 million vs. $518 million — a jump of 34%.
Its revenue was $3 billion, down about 4% from last year on a non-adjusted basis and up 4% after accounting for one-time issues and charges.
The Advice & Wealth Management unit brought in about $1.7 billion of revenue, up 9% from a year ago, thanks to “strong client activity and higher average equity markets that more than offset the decline in short-term interest rates,” the firm said.
Its pretax adjusted operating earnings were $378 million, up 8% from a year ago.
“The company’s business continuity capabilities ensured that advisors have the tools and information necessary to meet and exceed client needs in this volatile environment,” it added in a statement.