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E*TRADE Financial Corporation Announces Fourth Quarter And Full Year 2013 Results

E*TRADE Financial Corporation (NASDAQ:ETFC):

Fourth Quarter Results

  • Net income of $58 million, or $0.20 per share on total net revenue of $447 million
  • Total operating expenses of $295 million, including restructuring charges of $5 million
  • Provision for loan losses of $17 million; net charge-offs of $23 million
  • Corporate cash of $415 million, including a dividend from the bank of $75 million
  • Daily Average Revenue Trades (DARTs) of 160,000
  • End of period margin receivables of $6.4 billion
  • Net new brokerage accounts of 22,000
  • Net new brokerage assets of $3.2 billion; end of period customer assets of $261 billion

Full Year 2013 Performance

  • Net income of $86 million, or $0.29 per share; excluding the impact of the decision to exit the market making business, net income of $204 million or $0.70 per share (1)
  • Total net revenue of $1.7 billion
  • Total operating expenses of $1.3 billion, including goodwill impairment of $142 million and restructuring charges of $28 million
  • Provision for loan losses of $143 million
  • Dividends of $175 million from bank to parent
  • DARTs of 151,000
  • Net new brokerage accounts of 95,000
  • Net new brokerage assets of $10.4 billion

E*TRADE Financial Corporation (NASDAQ:ETFC) today announced results for its fourth quarter ended December 31, 2013, reporting net income of $58 million, or $0.20 per share. This compares with net income of $47 million, or $0.16 per share in the prior quarter, and a net loss of $186 million, or $0.65 loss per share in the fourth quarter of 2012. Total net revenue of $447 million for the fourth quarter of 2013 improved from $417 million in the prior quarter, and was down from $468 million in the fourth quarter of 2012.

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