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E*TRADE posts 4% YOY jump in Q3 commission revenues

E*TRADE Financial Corp. posted third-quarter net income available to common shareholders of $254 million, or $1.08 per share, compared with $261 million, or $1.00 per share, a year earlier.

The S&P Global Market Intelligence consensus GAAP EPS estimate for the quarter was $1.01.

E*TRADE's daily average revenue trades in the third quarter totaled 266,935, which was down 1% from 268,488 in the second quarter but up 5% from 255,139 in the third quarter of 2018. Commission revenues, meanwhile, were $122 million, 4.3% higher than the $117 million posted in the prior-year period.

The online brokerage reported an average commission per trade of $7.18 for the third quarter, which was lower than the $7.34 figure that was reported a year earlier. The company's average commission per trade was $7.14 in the second quarter.

Total net revenue for the three-month stretch was $767 million, compared with $720 million in the same quarter of 2018. Net interest income came in at $455 million, versus $466 million in the year-ago quarter. The company reported total noninterest income for the third quarter of $312 million, compared with $254 million a year earlier.

Common equity book value per share was $25.92 as of Sept. 30, compared with $25.75 as of June 30 and $23.67 as of Sept. 30, 2018.

Average interest-earning assets were $55.44 billion at the end of the period. That was down from $61.36 billion as of June 30 and $60.11 billion as of Sept. 30, 2018.