AllianceBernstein Holding L.P. (AB Holding) reported significant financial performance improvements for the third quarter and the nine months ended September 30, 2024, compared to the same periods in 2023. The company, classified as a large accelerated filer, recorded net income of $127.2 million for Q3 2024, a 123.2% increase from $57.0 million in Q3 2023. For the nine months, net income rose to $317.9 million from $185.0 million, marking a 71.5% increase.
Equity in net income attributable to AB Unitholders also saw substantial growth, with Q3 2024 figures reaching $136.4 million, up 107.4% from $65.8 million in Q3 2023. For the nine-month period, this metric increased to $345.4 million from $211.3 million, reflecting a 63.4% rise. The diluted net income per unit for Q3 2024 was $1.12, compared to $0.50 in Q3 2023, while for the nine months, it increased to $2.77 from $1.63.
AB Holding's qualifying revenues for Q3 2024 were $713.2 million, a 3.5% increase from $689.3 million in Q3 2023. However, for the nine months, qualifying revenues slightly decreased to $2.1 billion from $2.1 billion in the prior year. The company’s total assets as of September 30, 2024, were $2.1 billion, up from $2.1 billion at the end of 2023, while total liabilities decreased significantly to $719,000 from $1.3 million.
Strategically, AB Holding completed a joint venture with Societe Generale on April 1, 2024, to create a jointly owned equity research provider and cash equity trading partner for institutional investors. This move is expected to enhance AB's service offerings and market position.
In terms of cash distributions, AB Holding declared a distribution of $0.77 per unit for the three months ended September 30, 2024, an 18.5% increase from $0.65 in the same period last year. The company also awarded 1.2 million restricted AB Holding Unit awards to employees and directors, up from 0.4 million in the prior year.
Overall, AB Holding's financial results reflect a robust performance driven by increased profitability and strategic initiatives, despite slight fluctuations in revenue. The company continues to focus on maintaining and growing its client assets under management, which is crucial for its cash flow and overall financial health.
About ALLIANCEBERNSTEIN HOLDING L.P.
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