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April 20, 2010 at 08:00 PM
TD Ameritrade Holding Corp. said Tuesday, April 20, its second-quarter profit jumped 23% over the same period last year, but lowered its outlook for the year because of low volatility and interest rates. The online brokerage firm, which through its TD Ameritrade Insitutional custodial unit provides services to 4,000 RIAs, said it set a record for total client assets with $341.5 billion, a 52% increase over the prior year.
TD Ameritrade’s $400 million purchase in June of thinkorswim, an options-trading specialist, helped boost its profit and the number of trades it made.
TD Ameritrade said its net client assets also hit a record, surging 59%, to $10.2 billion, over the same quarter last year. The average client trades per day were up 17%, to nearly 379,000 a day. Total new accounts, though, decreased 4%, to nearly 187,000.
The company, based in Omaha, Nebraska, said it earned $162.6 million, or 27 cents per share, in the quarter ended March 31, an increase from $132 million, or 23 cents a share, a year ago. TD Ameritrade expects to earn between 90 cents and $1.10 a share this year, down from the $1.10 to $1.40 range it predicted in October.
