UPDATE 1-Ameriprise Financial Q3 profit beats Wall Street view
* Q3 EPS $1.00 vs est $0.64
* Q3 net investment income soars to $542 mln
* Qtrly net revenues up 20 pct
Oct 21 (Reuters) - Ameriprise Financial Inc (AMP.N: Cotización) posted a better-than-expected third-quarter profit helped by an eight-fold increase in its net investment income.
The asset manager and broker specializing in retirement plan posted a net income of $260 million, or $1 a share, compared with a loss of $70 million, or 32 cents a share, last year.
Core operating earnings stood at $1.03 cents a share for the quarter, compared with $1.13 a share last year.
Analysts on average had expected the company to earn 64 cents a share, excluding items, according to Thomson Reuters I/B/E/S.
Total net revenue rose 20 percent to about $2 billion. Net investment income increased to $542 million from $62 million last year.
Management and financial advice fee fell 4 percent to $689 million in the quarter.
As of Sept 30, Ameriprise's excess capital position was more than $2 billion, it said in a statement.
Shares of the Minneapolis-based broker dealer were trading up 59 cents at $36.08 after the bell. They closed at $35.49 Wednesday on the New York Stock Exchange. (Reporting by Abhinav Sharma in Bangalore; Editing by Pradeep Kurup)
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