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.
Trading Places: Finding The Best Jurisdiction for Your BrokerageGo 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.
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.