Earnings: Wilmington Trust and LaBranche

Profits at Wilmington Trust Corp. and LaBranche & Co. Inc. fell in the fourth quarter. Wilmington Trust’s fourth quarter earnings fell 7% on an increased provision for loan losses. The Delaware-based bank company said that net income for the fourth quarter fell to $44 million, or 65 cents per share, down from $47.5 million, or 68 cents per share in the year-ago period. Wilmington Trust said its provision for loan losses grew 29% to $9.2 million. Meanwhile, revenue in the Corporate Client Services business rose 12%, while revenue in the Wealth Advisory Services Business slumped 15%. Assets under management rose 10.2% to $34.5 million, up from $31.9 million during the year-ago period. LaBranche & Co. Inc. posted a net-income loss of 54% on lower revenue from trading and brokerage commissions. The New York-based specialist trading firm said earnings fell to $18 million, or 29 cents per share, down from $39.1 million, or 63 cents, in the year-ago period. The results for the quarter exclude a net gain related to an increase in the fair value of NYSE Euronext Inc. shares. LaBranche's pro-forma income in the period was $2.3 million, or 4 cents per share, compared to a pro-forma loss of $1.8 million, or 3 cents per share, in the year-ago period. Revenue fell 43% to $67.1 million from the year-ago quarter.