E-Trade’s 9-mo cons net income, revenue soar

E-Trade’s 9-mo cons net income, revenue soar

- in All News, Featured News
E-Trade

US multi-asset brokerage E-Trade Financial Corp., operating as E-Trade reported on Thursday its consolidate net income jumped 137.4% to $425 million in the nine months, ended 30 September, 2016. Meanwhile, the broker’s consolidated net revenue also increased significantly by 53.8% to more than $ 1.4 billion.

Revenue from interest income stayed flat in the January-September period (with interest expenses cut to a quarter), while that from commissions, fees and service charges slightly down by 1.5%. Meanwhile, E-Trade turned to a gain of $34 million on securities and other instruments in the nine months under review from a loss of $333 million a year earlier.

The broker’s closed September with consolidated assets of $49.2 million, compared to $45.4 million at the end of 2015.

In the third quarter of the year alone, E-Trade turned to a consolidated net income of $139 million from a net loss of $153 million a year earlier and posted a growth of nearly eight times in net to $486 million in total.

“This quarter was transformative for E-Trade as we completed our first acquisition in over a decade, restructured our executive team and refocused the entire organization on growth, which is our unambiguous charge,” said E-Trade CEO Karl Roessner.

e-trade-revenue-q1-q3-2016

E-Trade also provided data about customer activity. The broker processes 9.7 million trades, down by an annual 1%, and reported  151,905 total daily average revenue trades (DARTs), posting a decline of 3% year-on-year.

e-trade-darts-q1-q3-2016

During the reporting period, the broker handled 7% more customer accounts, or 5,218,046 (3,438,975 brokerage ones) and $306.8 million in customer assets, or up by 11% over the year. More details follow:

e-trade-customer-data-q1-q3-2016

New York-based E-Trade Financial Corp. offers various financial services, online brokerage and banking services. It works primarily with retail clients through its 30 offices across the US. The holding company has three susbidiaries – E-Trade Securities for securities products and services, including stocks, bonds mutual funds, options, and ETFs; E-Trade Capital Management for managed account solutions; and E-Trade Bank for banking products and services.

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