E*TRADE Financial Corporation Announces Third Quarter 2010 Results
NEW YORK--(BUSINESS WIRE)-- E*TRADE Financial Corporation (NASDAQ: ETFC):
Third Quarter Results
* Pre-tax income of $36 million, down from $52 million in prior quarter and improved from $1.2 billion pre-tax loss in third quarter 2009 (or $183 million pre-tax loss excluding the $968 million non-cash charge on debt exchange)(1)
* Net income of $8 million, or $0.03 per share, down from $0.12 per share in prior quarter and improved from a $6.74 loss per share in third quarter 2009 (or $0.65 loss per share excluding the $6.09 loss per share non-cash charge on debt exchange)(1)
* Total net revenue of $489 million, down from $534 million in prior quarter and $575 million in third quarter 2009
* Provision for loan losses of $152 million, down from $166 million in prior quarter and $347 million in third quarter 2009
* Special mention delinquencies (30-89 days) down by eight percent from prior quarter; at-risk delinquencies (30-179 days) down by 11 percent from prior quarter
* Daily Average Revenue Trades (DARTs) of 127,000, down 26 percent from prior quarter and 30 percent from third quarter 2009
* Net new brokerage assets of $1.4 billion, down from $2.1 billion in prior quarter and up from $1.1 billion in third quarter 2009
Capital and Liquidity Metrics
* Bank generated $68 million of Tier 1 capital and $81 million of risk-based capital
* Bank Tier 1 capital to total adjusted assets ratio of 7.41 percent; Bank Tier 1 capital to risk-weighted assets ratio of 13.75 percent
* Excess risk-based total capital (excess to the regulatory well-capitalized threshold) of
$1.1 billion
* Corporate cash of $490 million
source: http://investor.etrade.com/releasedetail.cfm?ReleaseID=520898
Third Quarter Results
* Pre-tax income of $36 million, down from $52 million in prior quarter and improved from $1.2 billion pre-tax loss in third quarter 2009 (or $183 million pre-tax loss excluding the $968 million non-cash charge on debt exchange)(1)
* Net income of $8 million, or $0.03 per share, down from $0.12 per share in prior quarter and improved from a $6.74 loss per share in third quarter 2009 (or $0.65 loss per share excluding the $6.09 loss per share non-cash charge on debt exchange)(1)
* Total net revenue of $489 million, down from $534 million in prior quarter and $575 million in third quarter 2009
* Provision for loan losses of $152 million, down from $166 million in prior quarter and $347 million in third quarter 2009
* Special mention delinquencies (30-89 days) down by eight percent from prior quarter; at-risk delinquencies (30-179 days) down by 11 percent from prior quarter
* Daily Average Revenue Trades (DARTs) of 127,000, down 26 percent from prior quarter and 30 percent from third quarter 2009
* Net new brokerage assets of $1.4 billion, down from $2.1 billion in prior quarter and up from $1.1 billion in third quarter 2009
Capital and Liquidity Metrics
* Bank generated $68 million of Tier 1 capital and $81 million of risk-based capital
* Bank Tier 1 capital to total adjusted assets ratio of 7.41 percent; Bank Tier 1 capital to risk-weighted assets ratio of 13.75 percent
* Excess risk-based total capital (excess to the regulatory well-capitalized threshold) of
$1.1 billion
* Corporate cash of $490 million
source: http://investor.etrade.com/releasedetail.cfm?ReleaseID=520898
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