OMAHA, Neb. (AP) -- Online brokerage TD Ameritrade says brisk stock trading in the first three months of the year lifted its quarterly profit 35 percent.
The Omaha, Neb.-based company said Wednesday that it generated $194 million in net income, or 35 cents per share, in its fiscal second quarter. That's up from $144 million, or 26 cents per share, last year. Revenue grew 20 percent to $812 million.
Analysts surveyed by FactSet expected TD Ameritrade Holding Corp. to report earnings per share of 34 cents on $800 million in revenue.
The biggest growth came from transaction fees, which jumped 30 percent to $374 million as TD Ameritrade handled roughly 492,000 trades a day.
TD Ameritrade's asset-based revenue and investment advice fees also grew.