TD Ameritrade topped analyst estimates and more than doubled profits in the third quarter. It reported net income of $454 million, or $0.92 per share, vs. $211 million, or $0.39 per share.
Net revenues were about $1.4 billion, up from $983 million a year ago. Net new client assets were close to $24 billion and are growing about 8% per year. Meanwhile, its pre-tax profit margin was 43.6%
For the full fiscal year, net new client assets totaled nearly $92 billion, net revenues were $5.5 billion and ending client assets were about $1.3 trillion, up 16% from the prior fiscal year.
Speaking after the firm released its financial results, CEO Tim Hockey said: “Growth within the Institutional channel remains quite impressive. We saw growth coming from all advisor segments – new, existing and breakaway, with activity from new breakaway brokers coming in particularly strong.”
The firm plans to continue to attract RIA clients via technology and other measures.