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E*TRADE Financial Corporation Announces Second Quarter 2012 Results

E*TRADE reported DARTs of 139,000 during the quarter, a decrease of 12 percent from the prior quarter and a decrease of six percent versus the same quarter a year ago.

At quarter end, the Company reported 4.4 million customer accounts, which included 2.9 million brokerage accounts. Net new brokerage accounts were 46,000 during the quarter compared with 46,000 in the prior quarter and 25,000 in the second quarter of 2011.

The Company ended the quarter with $193 billion in total customer assets, compared with $202 billion at the end of the first quarter and $186 billion from the year-ago period.

During the quarter, customers added $2.2 billion in net new brokerage assets. Brokerage related cash decreased by $1.8 billion to $29.2 billion during the period, as customers were net buyers of approximately $3.9 billion of securities. Margin receivables averaged $5.6 billion in the quarter, up 14 percent sequentially and down two percent year over year, ending the quarter at $5.8 billion.

Net operating interest income for the second quarter was $279 million, down from $285 million in the prior quarter and $315 million a year ago. Second quarter results reflected a net interest spread of 2.44 percent on average interest-earning assets of $44.8 billion, compared with a net interest spread of 2.49 percent on average interest-earning assets of $44.9 billion in the prior quarter.

Commissions, fees and service charges, principal transactions, and other revenue in the second quarter were $154 million, compared with $173 million in the prior quarter and $174 million in the second quarter of 2011. Average commission per trade for the quarter was $10.68, compared to $11.04 in the prior quarter, and $11.14 in the second quarter of 2011.

Total net revenue in the quarter also included $19 million of net gains on loans and securities, including a net impairment of $5 million, compared with $31 million in the prior quarter, including a net impairment of $4 million.

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