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E*TRADE Financial Corporation Announces Second Quarter 2014 Results

E*TRADE Financial Corporation (NASDAQ: ETFC):

Second Quarter Results

  • Net income of $69 million, or $0.24 per share
  • Total net revenue of $438 million
  • Total operating expenses of $284 million
  • Provision for loan losses of $12 million
  • Corporate cash of $570 million (1) , including a dividend from the bank of $75 million
  • Daily Average Revenue Trades (DARTs) of 155,000
  • End of period margin receivables of $7.3 billion
  • Net new brokerage accounts of 33,000; annualized attrition rate of 8.6 percent
  • Net new brokerage assets of $1.0 billion; end of period customer assets of $281 billion

E*TRADE Financial Corporation (NASDAQ:ETFC) today announced results for its second quarter ended June 30, 2014, reporting net income of $69 million, or $0.24 per share. This compares with net income of $97 million, or $0.33 per share in the prior quarter, and a net loss of $54 million, or $0.19 loss per share in the second quarter of 2013. Total net revenue of $438 million decreased from $475 million in the prior quarter, and $440 million in the second quarter of 2013.

“We had a successful second quarter, characterized by continued growth in the brokerage business, even as trading activity moderated industrywide,” said Paul Idzik, Chief Executive Officer. “Through the first half of the year we have already surpassed the previous year’s total for net new brokerage accounts, margin loan balances remained near record highs, and total customer assets have again reached all-time highs. We also continued strengthening the franchise through the closing of our TDR sale and the receipt of our fourth consecutive quarterly dividend from our bank to our parent, while completing our first-ever round of Dodd-Frank Act Stress Tests.”

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