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TD Ameritrade Delivers A Strong Quarter As Investors Re-engage

TD Ameritrade Holding Corporation (NYSE: AMTD) has released operating results for the first quarter of fiscal 2014. The Company had a strong start to the fiscal year, benefiting from the improved retail trading environment and maintaining its industry-leading, double-digit net new client asset growth rate.

The Company’s results for the quarter ended Dec. 31, 2013 include the following: (1)

  • Net income of $192 million, or $0.35 per diluted share
  • Net new client assets of approximately $14.5 billion, an annualized growth rate of 10 percent
  • Average client trades per day of approximately 414,000, an activity rate of 6.9 percent
  • Record net revenues of $752 million, 54 percent of which were asset-based
  • Investment product fee revenues of $72 million, up 29 percent year-over-year
  • Pre-tax income of $301 million, or 40 percent of net revenues
  • EBITDA (2) of $354 million, or 47 percent of net revenues
  • Record interest rate sensitive assets (3) of $97 billion, up 8 percent year-over-year
  • Record client assets of approximately $596 billion, up 24 percent year-over-year

“TD Ameritrade had a strong quarter across the board, with continued strong asset gathering, an improved trading environment and strength in investment product fee revenues,” said Fred Tomczyk, president and chief executive officer. “We maintained our industry-leading growth rate by gathering $14.5 billion in net new client assets, an annualized growth rate of 10 percent. Additionally, client engagement has trended upward following continued improvement in the macroeconomic environment and retail investor sentiment. We’re seeing more clients logging into accounts, interacting with trading platforms, and adopting mobile technology. Trading activity was at its highest level in more than two years. The trading and investing environment has definitely improved, and we are off to a good start to fiscal 2014.”

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