TD Ameritrade 2Q Profits Increase

TD Ameritrade Holding Corp. announced that profits increased 5% to $179.4 million, or 30 center per share, as trading volume increased.

The Omaha-based company announced Tuesday that its fiscal third quarter, which ended June 30, saw revenue increase 13% to $691.8 million. The results beat expectations by two cents per share, according to Thomson Reuters I/B/E/S.

Fred Tomczyk, TD Ameritrade's president and chief executive officer, attributed "record trading and continued strong asset-gathering" to driving the company's strong results.

Analysts said that market volatility and the May 6 Flash Crash may spurred heavy trading volume during the quarter for online brokers like TD Ameritrade.

Average daily client trades increased 5.4% to 413,000 from a year earlier. Client assets under management increased 22% to $323.8 billion.

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