TD Ameritrade Earnings Edge Higher
January 20 2016 - 8:40AM
Dow Jones News
By Chelsey Dulaney
TD Ameritrade Holding Corp. said Wednesday that its
first-quarter profit edged higher and topped analysts' estimates,
while the brokerage pointed to the Federal Reserve's December
decision to raise interest rates for the first time in nine years
as a driver of growth.
TD Ameritrade said interest rate-sensitive assets, which include
spread-based assets and money market mutual funds, grew 9% to a
record $110 billion in the quarter. TD cited organic growth and
changing investor sentiment in the volatile market environment.
In all, for the fiscal first quarter ended Dec. 31, TD
Ameritrade reported earnings of $212 million, up slightly from $211
million a year earlier. On a per-share basis, earnings were flat at
39 cents, above analysts' expectations of 36 cents, according to
analysts polled by Thomson Reuters.
Revenue slipped slightly to $812 million from $819 million, but
matched analysts' expectations.
Profit was helped by controlled expenses, which fell 1.3% from
the prior year.
The brokerage brought in $17 billion in net new client assets in
the quarter, bringing total client assets to $695 billion.
In all for the period, TD's average daily trades slid 4.2% from
a year earlier to 438,108.
Write to Chelsey Dulaney at Chelsey.Dulaney@wsj.com
(END) Dow Jones Newswires
January 20, 2016 08:25 ET (13:25 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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