Overview
- Earnings per share were 57 cents versus the 54-cent consensus, and revenue was $1.65 billion against estimates of $1.5 billion.
- Net interest income rose 21% to $967 million, including $133 million from securities lending as cited by KBW.
- Commission revenue increased 23% to $537 million, with stock trading volumes up 67%, options up 27%, and futures down 7%.
- General and administrative expenses fell 59% due to the absence of last year’s legal, regulatory and European consolidation costs, lifting the pretax margin to 79%.
- Customer accounts grew to about 4.13 million and client equity reached $757.5 billion; the board declared an $0.08 per-share dividend, and the stock fell about 3% Friday after edging higher in late trading Thursday.