A.G. Edwards Inc. announced Thursday that its profits rose 10% in the fiscal third quarter.
Profits grew as client assets increased and customers shifted toward fee-based accounts, the company said. Net income for the fiscal quarter, which ended Nov. 25, was $54 million, up from $49 million a year earlier. Revenue rose 5.6%, to $674 million.
The St. Louis brokerage company said its results included 7 cents a share in higher legal and regulatory costs, offset in part by a gain of 5 cents a share from the resolution of tax matters.
Client assets grew 6%, to $331 billion. Commissions rose less than 1%, to $247 million, but asset management and service fees rose 15%. Net interest revenue rose 43%, but trading revenue fell 10%, to $50.3 million, and investment banking fees were flat, at $58 million.
