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Interactive Brokers Group Announces 3Q2013 Results

Stocks in this article: IBKR

Interactive Brokers Group, Inc. (NASDAQ GS:IBKR) an automated global electronic broker and market maker, today reported diluted earnings per share on a comprehensive basis of $0.39 for the quarter ended September 30, 2013, compared to diluted earnings per share on a comprehensive basis of $0.30 for the same period in 2012.

On a non-comprehensive basis, which excludes the effect of changes in the U.S. dollar value of the Company’s non-U.S. subsidiaries, the Company reported diluted earnings per share on net income of $0.32 for the quarter ended September 30, 2013, compared to diluted earnings per share of $0.26 for the same period in 2012.

Net revenues were $326 million and income before income taxes was $196 million for this quarter, compared to net revenues of $319 million and income before income taxes of $173 million for the same period in 2012.

The Interactive Brokers Group, Inc. Board of Directors declared a quarterly cash dividend of $0.10 per share. This dividend is payable on December 13, 2013 to shareholders of record as of November 29, 2013.

Business Highlights

  • 60% pretax profit margin for this quarter.
  • 56% Electronic Brokerage pretax profit margin for this quarter.
  • Customer equity grew 31% from the year-ago quarter to $41.4 billion and customer debits increased by 38%, to $12.7 billion.
  • Customer accounts grew 13% from the year-ago quarter to 231 thousand.
  • Total DARTs increased 21% from the year-ago quarter to 471 thousand.
  • Brokerage segment equity surpassed $2.4 billion. Total equity was $5.1 billion.

Segment Overview

Electronic Brokerage

Electronic Brokerage segment income before income taxes increased 34%, to $108 million, in the quarter ended September 30, 2013 compared to the same period last year. Commissions and execution fees increased 20% from the year-ago quarter, reflecting growth in customer accounts and higher average trading activity per customer. Net interest income grew 19% from the year-ago quarter, to $56 million in this quarter. Pretax profit margin was 56% for this quarter, up from 48% in the same period last year.

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