Profits up for securities industry

Securities industry profits reached a total of $7.6 billion in the first quarter, up 65% from $4.6 billion a year earlier and up 13.4% from the previous quarter, according to the Securities Industry Association. Gross revenues for the industry rose 17.4% in the first quarter to $58.7 billion, from $50 billion for the first quarter of 2003 and $54.9 billion in the fourth quarter. Despite continued industry growth, SIA chief economist Frank Fernandez said in a news release that he expects revenues and profits to plateau over the rest of the year. Still, he expects full-year profits to grow 15% this year to $27.8 billion and revenues to increase 9.1% to $232.1 billion.