It will distribute a quarterly cash dividend of $0.10 per share.
Interactive Brokers (Nasdaq: IBKR) has ended the third quarter of 2023 with a reported net revenue of $1.145 billion, an increase of 45 percent year-over-year and 14.5 percent quarter-over-quarter. The adjusted figure came in very close to $1.139 billion.
A Jump in IBKR's Profit
In the official numbers published yesterday (Tuesday) post-market hours, the broker reported diluted earnings per share of $1.56 and $1.55 as adjusted. Both these figures improved significantly from $0.97 and $1.08, respectively, in the same period of the previous year.
The reported pre-tax income of the broker in the quarter came in at $840 million, with the adjusted figure at $834 million. The previous year's numbers were at $523 million and $580 million, respectively.
It had a profit margin of 73 percent, both reported and adjusted, improving from 66 percent and 68 percent in the previous year's third quarter.
Market Reacts
Despite the strong figures, the stocks of IBKR stocks shrank by almost 4.4 percent in the after-hours trading session. The unusual price drop came despite the reported revenue and earnings beat the street estimates significantly. According to analysts' consensus estimates, the per-share earnings would be at $1.51 on a revenue of $1.11 billion.
Diving Deep into the Figures
Interactive Brokers is one of the top electronic brokers in the US. It operates globally through various subsidiaries and has an extensive offering of trading services with stocks, forex, options, futures, CFDs, mutual funds, bonds, and even cryptocurrencies.
The broker's commission revenue leaped 4 percent to $333 million. It was backed by an 18 percent jump in options contracts trading volume, while the volume of futures and stocks decreased by 1 percent and 22 percent, respectively.
Its net interest income escalated 55 percent to $733 million, benefiting from higher interest rates and customer credit balances. Other income increased by $75 million, resulting in a gain of $27 million. It was driven by a gain of $37 million from its investment in Tiger Brokers.
The broker generated 98 million fees from execution, clearing, and distribution fees, an inverse of 14 percent.
The customer-related metrics of the broker also improved significantly last quarter. The number of accounts increased by 21 percent to 2.43 million, while customer equity improved 29 percent to $369.8 billion. However, the total DARTs dimmed 1 percent to 1.91 million.
Interactive Brokers (Nasdaq: IBKR) has ended the third quarter of 2023 with a reported net revenue of $1.145 billion, an increase of 45 percent year-over-year and 14.5 percent quarter-over-quarter. The adjusted figure came in very close to $1.139 billion.
A Jump in IBKR's Profit
In the official numbers published yesterday (Tuesday) post-market hours, the broker reported diluted earnings per share of $1.56 and $1.55 as adjusted. Both these figures improved significantly from $0.97 and $1.08, respectively, in the same period of the previous year.
The reported pre-tax income of the broker in the quarter came in at $840 million, with the adjusted figure at $834 million. The previous year's numbers were at $523 million and $580 million, respectively.
It had a profit margin of 73 percent, both reported and adjusted, improving from 66 percent and 68 percent in the previous year's third quarter.
Market Reacts
Despite the strong figures, the stocks of IBKR stocks shrank by almost 4.4 percent in the after-hours trading session. The unusual price drop came despite the reported revenue and earnings beat the street estimates significantly. According to analysts' consensus estimates, the per-share earnings would be at $1.51 on a revenue of $1.11 billion.
Diving Deep into the Figures
Interactive Brokers is one of the top electronic brokers in the US. It operates globally through various subsidiaries and has an extensive offering of trading services with stocks, forex, options, futures, CFDs, mutual funds, bonds, and even cryptocurrencies.
The broker's commission revenue leaped 4 percent to $333 million. It was backed by an 18 percent jump in options contracts trading volume, while the volume of futures and stocks decreased by 1 percent and 22 percent, respectively.
Its net interest income escalated 55 percent to $733 million, benefiting from higher interest rates and customer credit balances. Other income increased by $75 million, resulting in a gain of $27 million. It was driven by a gain of $37 million from its investment in Tiger Brokers.
The broker generated 98 million fees from execution, clearing, and distribution fees, an inverse of 14 percent.
The customer-related metrics of the broker also improved significantly last quarter. The number of accounts increased by 21 percent to 2.43 million, while customer equity improved 29 percent to $369.8 billion. However, the total DARTs dimmed 1 percent to 1.91 million.
Arnab is an electronics engineer-turned-financial editor. He entered the industry covering the cryptocurrency market for Finance Magnates and later expanded his reach to forex as well. He is passionate about the changing regulatory landscape on financial markets and keenly follows the disruptions in the industry with new-age technologies.
Raisin Reports First Profit in 12 Years amidst Surge in Customer Deposits
Hannelé De Necker, CEO, IFX Brokers | FMAS:24
Hannelé De Necker, CEO, IFX Brokers | FMAS:24
1 week to go until FMAS:24 kicks off and we couldn't skip our interviews with some of this year's sponsors 🤩 Starting off strong with Hannelé De Necker, CEO OF IFX Brokers.
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1 week to go until FMAS:24 kicks off and we couldn't skip our interviews with some of this year's sponsors 🤩 Starting off strong with Hannelé De Necker, CEO OF IFX Brokers.
See you there!
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
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FMAS:24 | Sneak Peak
FMAS:24 | Sneak Peak
Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
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#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa