Thanks to an increase in trading, TD Ameritrade reported its profits increased 6% in its latest period.
Client trading activity increased 17% from the third quarter, but declined 2% from a year earlier, due to stronger market conditions and an upbeat economic outlook.
The Omaha company reported earnings of $145.0 million, or 25 cents a share, in its fiscal first quarter, up from $136.2 million, or 23 cents, a year earlier. Revenue rose 5% to $656.2 million. Analysts expected revenue of $648.3, according to Thomson Reuters.
"With the market environment continuing to improve, we are seeing improvement in retail engagement and sentiment, and we feel good about how we are positioned going forward," Fred Tomczyk, TD Ameritrade's chief executive officer , said in a statement.
Net new client assets increased 11% to $9.7 billion.
Toronto-Dominion Bank, which owns 45$ of TD Ameritrade, said the results would contribute $49 million to its quarterly results.
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