Ameriprise Financial profit rises; sets $2.5 billion stock buyback

Mon Apr 28, 2014 4:16pm EDT

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(Reuters) - Financial services company Ameriprise Financial Inc reported a 19 percent rise in first-quarter profit, driven by strong income from its wealth management business and said it would buy back an additional $2.5 billion in stock.

Net income from continuing operations attributable to the company rose to $401 million, or $2.01 per share, in the quarter ended March 31, from $336 million, or $1.58 cents per share, a year earlier.

Revenue in the wealth management business rose 13 percent to $1.15 billion in the quarter.

The company also raised its quarterly dividend by 12 percent to 58 cents per share.

(Reporting By Neha Dimri in Bangalore; Editing by Savio D'Souza)

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