TD Ameritrade Profit Edges Higher

TD Ameritrade Holding Corp. on Tuesday reported a 2.4% increase in quarterly profit, as volatility in global markets drove strong trading activity.

Still, revenue growth was slightly weaker than Wall Street had expected.

For the fiscal fourth quarter ended Sept. 30, the online brokerage firm reported earnings of $216 million, or 40 cents a share, up from $211 million, or 38 cents a share, a year ago. Revenue rose to $831 million from $795 million a year earlier.

Analysts polled by Thomson Reuters had projected earnings of 40 cents a share and revenue of $833.6 million.

The brokerage brought in $16 billion in net new client assets in the most recent quarter, bringing total client assets to $667 billion.

TD Ameritrade forecast earnings of $1.45 to $1.75 a share for its newly started fiscal year. Analysts polled by Thomson Reuters had recently forecast earnings of $1.67 a share.

Rival Charles Schwab Corp. earlier this month posted profit and revenue that met Wall Street expectations, as choppy markets helped drive trading revenue higher but damped fee growth.

E*Trade Financial Corp. reported a third-quarter loss after recording charges during the period related to the termination of its wholesale funding obligations.

Write to Chelsey Dulaney at [e-mail]

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(END) Dow Jones Newswires

October 27, 2015 08:25 ET (12:25 GMT)

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