MINNEAPOLIS (AP) -- Ameriprise Financial Inc. said Wednesday that its fourth-quarter net income jumped 74 percent amid strong gains in its financial advice and wealth management business.
Net income was $388 million, or $1.80 per share, for the October-December quarter compared with $223 million, or 95 cents a share, in the fourth quarter of 2011.
The company said revenue from its advice and wealth management business rose 11 percent, to $1 billion from $905 million a year earlier. Assets under management increased 8 percent to $681 billion, which Ameriprise said was an all-time high for the company.
Operating earnings were $1.71per share, up from $1.31 in the same quarter a year ago. Total revenue rose 6 percent to $2.6 billion.
Analysts expected $1.47 per share on total revenue of $2.56 billion, according to FactSet.
The company also will pay a quarterly dividend of 45 cents per share. That's the same as the third-quarter dividend, which had been increased by 29 percent over the second quarter.
Shares of Minneapolis-based Ameriprise fell 53 cents to close at $66.86 in regular trading. They rose 79 cents to $67.65 in after-hours trading.