Merrill Posts Record

Merrill Lynch & Co., the nation’s biggest brokerage, reported a record profit of $696.1 million for 1991, capping off a booming year on Wall Street.

Merrill said it experienced gains in all major areas and cut costs excluding ones tied to the high level of business activity, such as compensation.

Merrill reported a fivefold increase in fourth-quarter profit, to $170.7 million, or $1.46 per share, from $30.3 million, or 23 cents per share, a year earlier. Revenue rose 11.7% to $3.12 billion from $2.79 billion in the 1990 period.

For the full year, Merrill’s earnings amounted to $6.02 per share. The performance far exceeded Merrill’s previous record annual earnings of $463.2 million in 1988. In 1990, a bad year across Wall Street, the firm made $191.9 million, or $1.59 per share.

Revenue for 1991 was $12.4 billion, up 11% from $11.15 billion in 1990.