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E*TRADE Financial reports lower GAAP net income YOY in Q2

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E*TRADE Financial reports lower GAAP net income YOY in Q2

E*TRADE FinancialCorp. reported second-quarter net income of $133 million, or 48 centsper share, compared with $292 million, or 99 cents per share, in the second quarterof 2015.

Net income for the prior-year period includes a $220 millionincome tax benefit related to the settlement of an IRS examination.

Adjusted net income was $133 million, or 48 cents per share,compared with $72 million, or 25 cents per share, in the year-ago quarter.

The S&P Capital IQ consensus normalized EPS estimate forthe quarter was 38 cents.

Total net revenue was $474 million, up from $429 million in theyear-ago quarter. E*TRADE recorded 152,488 daily average revenue trades during thequarter, compared with 149,448 in the year-ago quarter. Net charge-offs in the quarterresulted in a recovery of $6 million, compared with a recovery of $3 million inthe prior quarter and net charge-offs of $3 million in the second quarter of 2015.

Interest-earning assets totaled $43.42 billion as of June 30,up from $40.89 billion as of March 31 and $42.52 billion as of June 30, 2015.

Book value per share stood at $21.14 as of June 30, up from $20.52as of March 31 and $19.69 as of June 30, 2015.