E*TRADE’s Q2 Financials a Mixed Bag, Revenues Stagnate

E*TRADE’s financials were largely held in a tight consolidation for Q2 2016, though net income declined -13% QoQ.

E*TRADE Financial Corporation (NASDAQ:ETFC) has released its financial results for Q2 2016, which featured a slight decline across a number of key metrics, ranging from net income to revenues, per an E*TRADE earnings filing.

For Q2 2016, E*TRADE saw a net income of $133 million and $0.48 per diluted share – this represented a decline of -13.1% QoQ from $153 million in Q1 2016 and $0.53 per diluted share. The figure also pales in comparison to last year’s incomes over the same period, underscoring a sizable drop of -54.5% YoY from $292 million in Q2 2015.

Join the iFX EXPO Asia and discover your gateway to the Asian Markets

Suggested articles

ATFX Thanks NHS Frontline Workers with 1k Fruit Boxes DonationGo to article >>

Looking at the rest of the filing, E*TRADE’s financials were largely held in a tight consolidation for 2016 – indeed, Q2 2016’s revenues did edge marginally higher to $474 million, up less than 1.0% from $472 million in Q1 2016. Unlike its net income, the brokerage group managed a better figure in its revenues, yielding a YoY ascension of 10.5% YoY from $429 million. Total net revenues were also up $946 million YTD in 2016, compared with just $870 million over the same period in 2015, or 8.7% YoY.

Customer Activity

Finally, in terms of customer activity at E*TRADE, the group boasted 35,752 brokerage accounts in Q2 2016, down from 52,534 new accounts in Q1 2016, or -32.1% QoQ. The trend was reinforced by declining volumes at most venues, E*TRADE included, which seems to have abated only recently with the influx of the Brexit referendum last month.

Got a news tip? Let Us Know