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E*TRADE Financial net income doubled YOY in FY'16

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E*TRADE Financial net income doubled YOY in FY'16

E*TRADE Financial Corp. reported fourth-quarter 2016 net income of $127 million, or 46 cents per share, compared with $89 million, or 30 cents per share, in the same quarter of 2015.

The S&P Capital IQ consensus GAAP EPS estimate for the quarter was 42 cents.

The quarter was the first with CEO Karl Roessner, who was previously general counsel, at the helm. Late in 2016, the company's board tasked the new management team with improving growth or a sale of the company was possible.

Included in net income was a net benefit of $7 million, or 3 cents per share, related to a benefit from loan loss provisions. That was partially offset by acquisition and restructuring-related activities, the company said. Total net revenue was $509 million, up from $439 million in the year-ago quarter.

Daily average revenue trades for the quarter totaled 187,620, compared with 146,949 in the year-ago quarter. The average commission per trade was $10.42, down from $10.66 a year ago.

For the full year, net income more than doubled to $552 million, or $1.98 per share, from $268 million, or 91 cents per share, in 2015.

The S&P Capital IQ consensus GAAP EPS estimate for 2016 was $1.94.

The year's results were the company's strongest in 10 years, Roessner said in a statement. Total net revenue for the year was $1.94 billion, up from $1.37 billion the previous year.