U.S. brokerage firms saw their profits rise in the fourth quarter, according to the latest data from the New York Stock Exchange (NYSE).
The NYSE reports that firms that conduct business with the public generated after-tax profits of approximately US$2.8 billion in the fourth quarter of 2014. This is up from $1.9 billion in the previous quarter, and just under $2.1 billion in the same quarter in 2013.
For the full year, after-tax profits were down slightly year over year, coming in at $10.4 billion for 2014, which is down from $10.9 billion in 2013.
Revenues ticked up a bit in the quarter, rising to $39.2 billion from $38.5 billion in the third quarter. However, they were down slightly from the same quarter the prior year.
The data is based on reports from NYSE firms that conduct business with the public, including firms that trade primarily for their own account. These reports exclude designated market makers.