Ameriprise Financial Posts 1Q Results

Ameriprise Financial, Inc. has reported net income of $129 million for the first quarter ended March 31.

In a release on April 21, the company noted the results represent a 32 percent decline from net income of $191 million for the first quarter ended March 31, 2008.

Earnings per common share for the first quarter of 2009 were $0.58, compared to $0.82 for the first quarter of 2008. First quarter 2009 results reflect the significant decline in equity markets and the lower short-term interest rate environment. These two factors negatively impacted year-over-year results by approximately $0.62 per share.

The 40 percent year-over-year decline in the S&P 500 Index contributed to a 14 percent decline in net revenues to $1.7 billion in the first quarter of 2009, compared to $2.0 billion in the first quarter of 2008. Management and financial advice fees and distribution fees were impacted by lower equity markets and clients' increased preference for short-term and fixed income investment products...

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