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E*TRADE Financial Corporation Announces Third Quarter 2012 Results

E*TRADE Financial Corporation (NASDAQ: ETFC):

Third Quarter Results

  • Net loss of $29 million, or $0.10 loss per share on total net revenue of $490 million
  • Gain on securities revenue of $79 million, including gains related to securities sold to reduce asset balances as a result of the termination of $520 million in wholesale funding obligations, which resulted in a $51 million loss on early extinguishment of debt
  • Provision for loan losses of $141 million, including $50 million related to new data on borrower bankruptcies acquired by the Company
  • Total special mention delinquencies decreased six percent sequentially; total at-risk delinquencies decreased seven percent
  • Total operating expenses of $289 million, including $13 million in severance paid for Company‚Äôs prior CEO
  • Balance sheet growth of $1.2 billion, driven by $3.2 billion in customer inflows and customer net selling, offset by of $1.3 billion from deleveraging actions
  • Daily Average Revenue Trades (DARTs) of 129,000
  • Net new brokerage accounts of 18,000, representing year-to-date net new accounts of 110,000, for 5.3% annualized growth
  • Net new brokerage assets of $1.9 billion, representing year-to-date net new assets of $8.1 billion, for 7.4% annualized growth (1) ; end of period customer assets of $204 billion

E*TRADE Financial Corporation (NASDAQ: ETFC) today announced results for its third quarter ended September 30, 2012, reporting a net loss of $29 million, or $0.10 loss per share. This compares with net income of $40 million, or $0.14 per share in the prior quarter, and net income of $71 million, or $0.24 per share in the third quarter of 2011. The Company reported total net revenue of $490 million for the third quarter of 2012, compared with $452 million in the prior quarter and $507 million in the third quarter of 2011.

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