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Interactive Brokers' Q3 commission revenues rise 12% YOY

Interactive Brokers Group Inc. posted third-quarter net income available for common stockholders of $36 million, or 45 cents per share, compared to $39 million, or 51 cents per share, in the prior-year period.

The S&P Global Market Intelligence consensus normalized EPS estimate was 52 cents.

The online brokerage recorded comprehensive income available for common shareholders of $30 million, or 39 cents per share, for the third quarter. That was also down from the prior-year period, when it reported $38 million, or 50 cents per share. Net revenues for the company's third quarter totaled $466 million, versus $439 million in the same period of 2018.

Interactive Brokers said its third-quarter results were aided by a 19% jump in its net interest income to $299 million and a 12% increase in commission revenues to $187 million. Those benefits were offset by a $19 million loss the company posted in other income. Interactive Brokers also suffered a $47 million loss during the third quarter from its currency diversification strategy and a $13 million mark-to-market loss on its investment in Tiger Brokers.

Total daily average revenue trades for the third quarter rose 13% from the year-ago quarter to 859,000. Interactive Brokers also posted a 16% jump in its total accounts from the third quarter of 2018.

Interactive Brokers' third quarter represented the last reporting period before the company began offering free trading to some of its clients, which could cut into its commission revenues in the future.