Ameriprise Q2 Profit Jumps to $1.11B on 18% Fee Income Surge
AMP sits 25% above its 52-week low of $422.37.
Summary
Ameriprise posted Q2 profit of $1.11 billion, or $11.98 per share, up from $1.06 billion a year ago, driven by an 18% jump in management and advice fees to $3.06 billion. The earlier headline only noted AUM hitting $1.8 trillion; this report adds the bottom-line beat and fee growth details. Total client assets in the advice and wealth unit grew 15% to $1.2 trillion, while net investment income was nearly flat at $893 million. The stock has lagged the S&P 500 this year, up just over 7%, so these results could shift relative performance views.
At the time of this announcement, AMP was trading at $529.58 on NYSE in the Finance sector, with a market capitalization of approximately $47.4B. The 52-week trading range was $422.37 to $550.18. This news item was assessed with positive market sentiment and an importance score of 7 out of 10. Source: Reuters.