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E*TRADE Financial Corporation Announces Fourth Quarter And Full Year 2012 Results

E*TRADE Financial Corporation (NASDAQ: ETFC):

Fourth Quarter Results

  • Net loss of $186 million, or $0.65 loss per share on total net revenue of $468 million
  • Gain on securities revenue of $62 million, including gains related to securities sold to reduce asset balances as a result of the reduction of approximately $1 billion in wholesale funding obligations, which resulted in a loss of $28 million included in loss on early extinguishment of debt
  • Provision for loan losses of $74 million
  • Refinance of $1.3 billion of corporate debt, which resulted in a $257 million loss on early extinguishment of debt
  • Balance sheet contraction of $3.0 billion, primarily driven by approximately $3.6 billion in deleveraging and $0.5 billion of customer net buying
  • Daily Average Revenue Trades (DARTs) of 128,000
  • Net new brokerage accounts of 10,000
  • Net new brokerage assets of $2.3 billion; end of period customer assets of $201 billion

Full Year 2012 Performance

  • Net loss of $113 million, or $0.39 loss per share
  • Total net revenue of $1.9 billion
  • Provision for loan losses of $355 million
  • DARTs of 138,000
  • Net new brokerage accounts of 120,000
  • Net new brokerage assets of $10.4 billion

E*TRADE Financial Corporation (NASDAQ: ETFC) today announced results for its fourth quarter ended December 31, 2012, reporting a net loss of $186 million, or $0.65 loss per share. This compares with a net loss of $29 million, or $0.10 loss per share in the prior quarter, and a net loss of $6 million, or $0.02 loss per share in the fourth quarter of 2011. The Company reported total net revenue of $468 million for the fourth quarter of 2012, compared with $490 million in the prior quarter and $475 million in the fourth quarter of 2011.

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