EARNINGS : Merrill Lynch Profits Up 12.4%
NEW YORK — Merrill Lynch & Co. said today its profit rose 12.4% in the third quarter despite a slowdown in investor activity and an eroding stock market.
The nation’s largest investment firm said net earnings for the quarter ended Sept. 30 totaled $46.1 million, or 38 cents a share, up from $41 million, or 34 cents a share, in the year-ago quarter, which included a $2.2-million loss from discontinued operations. Revenue during the period advanced 1.5% to $2.87 billion from $2.83 billion a year earlier.
“Our continuing emphasis on stringent cost control and on improving our competitive position has enabled us to withstand a global economic and political environment that remains highly unsettled,†Chairman William A. Schreyer and President Daniel Tully said in a statement.
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