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TD Ameritrade Delivers Another Strong Asset Gathering Quarter

Stocks in this article: AMTD

TD Ameritrade Holding Corporation (NYSE: AMTD) has released operating results for the third quarter of fiscal 2014.

The Company’s results for the quarter ended Jun. 30, 2014 include the following: (1)

  • Net income of $190 million, or $0.34 per diluted share
  • Net new client assets of approximately $13.4 billion, an annualized growth rate of 9 percent
  • Average client trades per day of approximately 401,000, an activity rate of 6.5 percent
  • Net revenues of $763 million, up 5 percent year-over-year, 56 percent of which were asset-based
  • Investment product fee revenues of $79 million, up 22 percent year-over-year
  • Pre-tax income of $310 million, or 41 percent of net revenues
  • EBITDA (2) of $362 million, or 47 percent of net revenues
  • Interest rate sensitive assets (3) of $97 billion, up 3 percent year-over-year
  • Record client assets of approximately $650 billion, up 24 percent year-over-year

“TD Ameritrade’s earnings per share is up 21 percent year-to-date, driven primarily by strong revenue growth. We’re seeing strong demand for guidance-based solutions, increased adoption of mobile platforms and our distribution channels continue to perform well resulting in more than $40 billion in net new client assets, a 10 percent annualized growth rate,” said Fred Tomczyk, president and chief executive officer. “While the markets are experiencing low volatility and summer seasonality, retail investors have remained bullish. We have good momentum to finish out the year and we’re well positioned going forward.”

“TD Ameritrade delivered strong results in the third quarter and we are on pace for another solid year of asset growth. Year-to-date, revenue is $2.3 billion, up 13 percent year-over-year. Net new assets for the third quarter were up 24 percent year-over-year, and interest rate-sensitive assets were up 3 percent. Investment product fees now account for 10 percent of revenues and fee-based investment balances were once again at a record high for the quarter,” said Bill Gerber, executive vice president and chief financial officer. “We also continue to deliver value to our shareholders through a robust return of capital strategy. We returned $155 million to shareholders this quarter through a mix of dividends and stock repurchases.”

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