Business

TD Ameritrade 4Q profit up 44 pct on heavy trading

Posted October 24, 2011 11:00 pm

Associated Press

NEW YORK — Online investment broker TD Ameritrade says its fiscal fourth-quarter profit shot up 44 percent, as turmoil in the markets drove heavy trading.

The Omaha, Neb.-based company said Tuesday that it earned $163.7 million, or 29 cents per share, on revenue of $703.5 million, in the three months ended Sept. 30.

The results, however, fell short of Wall Street projections for profit of 31 cents per share on revenue of $713.6 million.

The July-to-September quarter was the worst in the markets since the 2008 economic crisis. TD Ameritrade Holding Corp. saw average client trades per day of 415,739, up 31 percent from last year. New client assets reached $12.4 billion. The company says that translates to an annualized growth rate of 12 percent.

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