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Interactive Brokers Group Announces 1Q2014 Results

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 $0.35 for the quarter ended March 31, 2014, compared to diluted earnings per share on a comprehensive basis of $0.06 for the same period in 2013.

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 $0.34 for the quarter ended March 31, 2014, compared to diluted earnings per share of $0.14 for the same period in 2013.

Net revenues were $355 million and income before income taxes was $218 million for this quarter, compared to net revenues of $216 million and income before income taxes of $82 million for the same period in 2013.

The Interactive Brokers Group, Inc. Board of Directors declared a quarterly cash dividend of $0.10 per share. This dividend is payable on June 13, 2014 to shareholders of record as of May 30, 2014.

Business Highlights

  • 61% pretax profit margin for this quarter, up from 38% in the year-ago quarter and 42% average for prior year.
  • 60% Electronic Brokerage pretax profit margin for this quarter.
  • Customer equity grew 38% from the year-ago quarter to $49.0 billion and customer debits increased by 30%, to $14.4 billion.
  • Customer accounts grew 16% from the year-ago quarter to 252 thousand.
  • Total DARTs increased 25% from the year-ago quarter to 582 thousand.
  • Brokerage segment equity was $2.5 billion. Total equity was $5.2 billion.

Segment Overview

Electronic Brokerage

Electronic Brokerage segment income before income taxes increased 21%, to $134 million, in the quarter ended March 31, 2014 compared to the same period last year. Commissions and execution fees increased 14% from the year-ago quarter, reflecting growth in customer accounts and higher average trading activity per customer. Net interest income grew 23% from the year-ago quarter, to $66 million in this quarter. Pretax profit margin was 60% for this quarter, up from 57% in the same period last year.

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