Ameriprise Financial profit rises; sets $2.5 billion stock buyback
(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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