Merrill Lynch & Co., parent of the nation's largest securities brokerage, said its net income grew 35% in the second quarter from a year earlier.
After-tax earnings rose to $91.1 million on revenue of $2.3 billion in the 13 weeks ended June 27 from $67.6 million on revenue of $1.8 billion in the comparable 1985 period, company officials said.
Merrill Lynch benefited from growth in commissions on client orders for stocks and robust demand for mutual funds. Its subsidiary, Merrill Lynch, Pierce, Fenner & Smith, is the largest firm in the securities business.
Increased investment banking activities, especially in mergers and acquisitions and initial public stock offerings, contributed strongly to total revenue.
Record revenue in real estate, insurance and asset management and custodial fees also added to the overall gain.