Ameriprise Financial, Inc. (AMP) has reported 12.04 percent rise in profit for the quarter ended Dec. 31, 2016. The company has earned $400 million, or $2.46 a share in the quarter, compared with $357 million, or $2 a share for the same period last year.

Revenue during the quarter went down marginally by 1.32 percent to $3,062 million from $3,103 million in the previous year period. Total expenses were 76.88 percent of quarterly revenues, up from 76.57 percent for the same period last year. That has resulted in a contraction of 31 basis points in operating margin to 23.12 percent.

However, the adjusted operating income for the quarter stood at $169 million compared to $187 million in the prior year period.

"Ameriprise had a strong fourth quarter and a good year in light of the operating environment," said Jim Cracchiolo, chairman and chief executive officer. "Our fee-based businesses continued to generate strong profitability. Advice & Wealth Management in particular led the way with a record high for retail client assets, strong net inflows into investment advisory accounts, as well as very good advisor productivity."

Debt comes down significantly 
Ameriprise Financial, Inc. has recorded a decline in total debt over the last one year. It stood at $5,436 million as on Dec. 31, 2016, down 47.85 percent or $4,987 million from $10,423 million on Dec. 31, 2015. Total debt was 3.89 percent of total assets as on Dec. 31, 2016, compared with 7.17 percent on Dec. 31, 2015. Debt to equity ratio was at 0.86 as on Dec. 31, 2016, down from 1.24 as on Dec. 31, 2015.