E-Trade Reports 44% Increase in Net Income
From Times Staff and Wire Reports
Online brokerage E-Trade Financial Corp. said Monday that fourth-quarter net income rose 44%, helped by recent acquisitions. The results topped analysts’ consensus estimate.
Profit was $129.4 million, or 32 cents a share in the period ended Dec. 31, up from $89.8 million, or 24 cents a year earlier. Revenue rose 19% to $479 million.
E-Trade bought rivals Harrisdirect and Brown Co. last year.
The brokerage also benefited in the fourth quarter from the spread between what it pays on customers’ cash balances and what it earns on that money. Net interest income was $258 million in the quarter, up 42%.
Shares of E-Trade rose 62 cents to $22.12 before the report.
