Shortly after the close of the US trading session, Interactive Brokers LLC (NASDAQ:IBKR), a global electronic multi-asset broker and market-maker listed on Nasdaq, disclosed its financial results for Q4 2017, revealing that its metrics managed to improve year-on-year, though earnings took a hit stemming from the new tax law.

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The company’s net revenues for Q4 2017 amounted to $515 million, higher by 167 percent compared with $193 million in the same period last year. Income before tax totalled $364 million, up 1200 percent year-over-year from $28 million in Q4 2016.

The increase in net revenue was primarily due to strong growth in net interest income, which jumped 48 percent year-on-year, as did commissions and execution fees. However, the positive figures were partially offset by weak trading gains which dropped by more than 60 percent on lower market making trading volumes as IB completed the wind down of its US options market making business.

Delving further into financial metrics, Interactive Brokers reported diluted loss per share (EPS) on a comprehensive basis at $0.02 for the quarter ended December 31, 2017, reflecting an improvement year-over-year from a loss of $0.05 per share during Q4 2016.

Interactive Brokers said that the sweeping changes to US tax law knocked about $84 million off its profits for the end of 2017, which were largely related to its tax-deferred assets, which now must be recalibrated to reflect the lower corporate rate.

The listed brokerage company becomes the latest global firm to report a hit to its earnings from the US corporate tax rate cut, which came into effect at the start of the year after being signed into law in December.

While some financial institutions are reporting fourth-quarter earnings hits stemming from the new tax law, they see rich benefits over the long-term, including effective tax rates that are even lower than the new 21 percent corporate rate.