T. Rowe Price Group, Inc. reported 18 percent growth in investment advisory revenue in the second quarter and an even greater increase in profit compared to the same quarter last year.
The Baltimore-based money manager reported net revenue of $984.3 million for the second quarter, up from $854.3 million one year ago. Net income was $305.8 million, compared to $247.8 million in the second quarter of 2013.
Diluted earnings per common share were $1.13.
“We’re five years into an economic recovery and while the pace of economic growth in the U.S. continues to be modest, it’s been strong enough to repair most corporate balance sheets and to expand profit margins to record highs,” said President and CEO James A. C. Kennedy. “Industrial production and employment continue to rise. The recent quarter continues this trend, with capital spending, job growth and consumer demand improving.”