April 23, 2014 / 8:56 PM / in 4 years

Broker-dealer LPL Financial's profit falls due to higher costs

April 23 (Reuters) - LPL Financial Holdings Inc, one of the five biggest U.S. broker-dealers, reported a 3 percent fall in quarterly profit as operating expenses ballooned to almost $1 billion.

The company's net income slipped to $53.1 million in the first quarter ended March 31 from $54.7 million. On a per share basis, earnings were flat at 51 cents. (link.reuters.com/mag78v)

Operating expenses rose 13.2 percent to $987 million.

Net revenue rose almost 12 percent to $1.09 billion. (Reporting By Neha Dimri in Bangalore; Editing by Savio D‘Souza)

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