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News > Companies
DLJ Q3 net up 114 percent
October 13, 1997: 3:16 p.m. ET

Third-quarter earnings more than double to a record at Equitable unit
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NEW YORK (CNNfn) - Donaldson, Lufkin & Jenrette Inc. said Monday profit more than doubled to a record in the third quarter.
     Net income rose to $120.3 million, or $1.80 a share, from $56.1 million, or 86 cents a share, in the comparable quarter a year ago.
     "The performance of our investment banking, merchant banking and real estate banking groups was exceptionally strong during the third quarter," said Joe L. Roby, president and chief operating officer.
     "Fee income rose by more than 68 percent and underwriting revenues almost doubled in the third quarter," Roby added.
     Total revenues for the third quarter rose 65 percent to $1.27 billion. Net revenues, or total revenues minus interest expense, rose 67 percent to a record $989 million.
     Fee income, derived primarily from the firm's role as an advisor in merger and acquisition assignments and as a placement agent for private equity funds, surged 68 percent to $209.7 million.
     Trading gains increased 48 percent to $134.6 million reflecting improved conditions in the fixed income markets.Back to top

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