TD Ameritrade Earnings Climb
19 April 2016 - 11:10PM
Dow Jones News
TD Ameritrade Holding Corp. said Tuesday that its second-quarter
profit climbed 8.5%, in line with Wall Street's estimates, as
revenue at the brokerage rose amid increased client trading
activity.
TD Ameritrade said interest rate-sensitive assets, which include
spread-based assets and money market mutual funds, grew 11% to a
record $112 billion in the quarter, with the firm pointing to
organic growth and changing investor sentiment amid a volatile
market environment.
In all, for the fiscal second quarter ended March 31, TD
Ameritrade reported earnings of $205 million, up from $189 million
a year earlier. On a per-share basis, earnings rose to 38 cents
from 35 cents a year ago, meeting analysts' expectations.
Revenue increased to $846 million from $803 million, below
analysts' projections of $856 million, according to Thomson
Reuters.
In all for the period, TD's average daily trades rose 6.8% from
a year earlier to 509,120.
The brokerage brought in $14 billion in net new client assets in
the quarter, bringing total client assets to $711 billion, which
the company said was a record.
The firm was also able to control expenses, which edged down
0.8% from the prior year.
Write to Joshua Jamerson at joshua.jamerson@wsj.com
(END) Dow Jones Newswires
April 19, 2016 08:55 ET (12:55 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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