Strong quarter for TD Ameritrade

TD Ameritrade yesterday said net income increased 5.6 per cent to $171.7m (£105.6m), or 30 cents per share, in the second-quarter that ended 31 March, from $162.m, or 27 cents per share, a year earlier. Analysts on average were expecting 29 cents per share.

Revenue rose 13 per cent to $718.2m, beating Wall Street estimates of $703.6m. Omaha, Nebraska-based TD Ameritrade said clients added a net $11.5bn in new funds in the quarter, an increase of 13 per cent from a year earlier. Clients made an average of 439,158 trades per day, compared to 378,714 a year earlier.