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E*TRADE Financial Corporation Announces Second Quarter 2019 Results

Nachrichtenquelle: Business Wire (engl.)
18.07.2019, 22:05  |  877   |   |   

E*TRADE Financial Corporation (NASDAQ: ETFC):

Second Quarter Results

  • Net income of $219 million
  • Diluted earnings per common share of $0.90, which includes net losses of $53 million, or $0.22 per diluted share, related to losses from balance sheet repositioning, partially offset by the benefit to provision for loan losses(1)
  • Total net revenue of $685 million
  • Operating margin of 43 percent; adjusted operating margin of 42 percent(2)
  • Return on common equity of 15 percent; adjusted return on common equity of 14 percent(3)
  • Average interest-earning assets of $61.4 billion; net interest margin of 320 basis points
  • Daily Average Revenue Trades (DARTs) of 268,000, including derivative DARTs of 89,000
  • Margin receivables of $9.9 billion; average margin receivables of $10.1 billion
  • Net new accounts of 70,000
  • Net new retail and advisor services assets of $1.6 billion
  • Capital return to shareholders(4) of $256 million, including share repurchases of $222 million and dividends of $34 million

E*TRADE Financial Corporation (NASDAQ: ETFC) today announced results for its second quarter ended June 30, 2019, reporting net income of $219 million, diluted earnings per common share of $0.90 and total net revenue of $685 million. Operating margin for the quarter was 43 percent and adjusted operating margin was 42 percent(2).

The Company repositioned its balance sheet during the second quarter through the sales of $4.5 billion of lower-yielding investment securities. These sales enabled a reduction of balance sheet size through the move of deposits to third-party banks, generating additional capital capacity to support share repurchases. Gains (losses) on securities and other, net includes $80 million of losses related to the sales. The losses were partially offset by $16 million in gains from other investment security activity in this line item.

“This past quarter we continued to build on our positive momentum, generating solid underlying performance, while further enhancing the value proposition for E*TRADE retail and institutional clients” said Karl Roessner, Chief Executive Officer. “Further, we are pleased to announce a new $1.5 billion share repurchase authorization, as we seize the opportunity to reduce our outstanding shares at tremendous value, while preserving future earnings power. Amid meaningful shifts in the economic and market environment, we continued to deliver for our customers, and we used the flexibility of our business model to accelerate capital return to our shareholders by shifting deposits to third parties to reduce the size of our balance sheet. As we enter into the second half of the year, our model continues to demonstrate its power and we are well positioned to thrive over the long term.”

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