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TD Ameritrade's quarterly profit up 3 percent

Published on NewsOK Modified: July 22, 2014 at 12:06 pm •  Published: July 22, 2014
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OMAHA, Neb. (AP) — TD Ameritrade Holding Corp. said its quarterly profit rose 3 percent as clients entrusted the online brokerage with more assets and trading activity remained strong.

TD Ameritrade CEO Fred Tomczyk said investors have remained bullish even as geopolitical problems heated up in Ukraine, Syria and Iraq. He said the company is seeing strong demand for its investment advice, and asset growth remains strong.

The Omaha, Nebraska-based company said Tuesday that it earned $190 million, or 34 cents per share, during its fiscal third quarter. That's up from earnings of $184 million, or 33 cents per share, a year ago.

TD Ameritrade's revenue grew 5 percent to $763 million from $725 million a year ago.

Analysts surveyed by FactSet expected earnings per share of 34 cents on $758 million revenue.

Tomczyk said he thinks government efforts to stimulate the economy in the United States, Europe and elsewhere have helped the stock market continue setting records.

"There's a lot of stimulus in the system right now, and it's not just in the U.S.," Tomczyk said.

TD Ameritrade handled an average of 401,468 trades per day in the quarter, up from 399,216 trades per day a year ago. And 42 percent of the trades in the most recent quarter were derivatives.

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