By David Wignall

Ameriprise Financial persevered through a tumultuous second quarter for the stock market, reporting profit and revenue figures that exceeded analysts expectations. The Minneapolis, Minn.-based firm announced adjusted earnings per share of $9.11 and revenue of $4.37 billion, beating Wall Street estimates of $9 per share and $4.34 billion in revenue.

Nonetheless, shares of the company were down more than 4% as the market opened.

"While markets were volatile in the quarter, client activity remained strong," says Jim Cracchiolo, Ameriprise's chairman and CEO. "Advisor productivity grew by double digits, reaching another record. In addition, both client and firm asset levels hit all-time highs."

The financial-services company said it will maintain its dividend of $1.60 per common share, payable on August 18. In the first half of 2025, Ameriprise returned 81% of adjusted operating earnings to shareholders, through both dividends and share repurchases.

The majority of Ameriprise's revenue comes from its advice and wealth management business, which reported adjusted operating net revenues of $2.81 billion, a 6% increase year over year. Over the same period, client assets grew 11% to $1.08 trillion. The wealth unit brought in $4.3 billion in client net flows.

Ameriprise stopped reporting advisor head count last quarter, citing the fact that many of its competitors had done the same. But the firm did note that it added 73 experienced advisors in the second quarter. At the end of 2024, Ameriprise said it had 10,427 independent and employee advisors.

The company's asset management unit experienced net outflows of $8.7 billion in the second quarter, partly due to market turmoil and tax season, as clients pulled money from accounts to cover tax payments. In the second quarter of 2024, net outflows were $4.0 billion. The quarter's outflows were partially offset by equity appreciation, as the stock market closed the quarter on record-highs.

Last quarter, the company's board of directors authorized a $4.5 billion share repurchase program through June 30, 2027.

This is a developing story. Check back for updates.

This content was created by Barron's, which is operated by Dow Jones & Co. Barron's is published independently from Dow Jones Newswires and The Wall Street Journal.

(END) Dow Jones Newswires

July 24, 2025 09:45 ET (13:45 GMT)

Copyright (c) 2025 Dow Jones & Company, Inc.