E*TRADE (ETFC) reported net income of 12 cents per share for the first quarter of 2013, which was in line with analysts expectations. E*TRADE reported a large loss in the previous quarter because of one-time chargers. E*TRADE did miss analysts expectations on the top line revenue number. Analysts expected the online broker to report revenue of $438 million, and they reported $420 million.
E*TRADE reported Daily Average Revenue Trades (DARTs) of 149,000 in the first quarter. That number is 5 percent lower than the same quarter a year ago, but 16 percent higher than the fourth quarter of 2012. Net new brokerage accounts were 30,000 in the first quarter, which far outpaced the 10,000 in the previous quarter, but it was still well short of the 46,000 new accounts in the same quarter a year ago. E*TRADE finished the first quarter with $219 billion in total customer assets, which is up from the $202 billion mark at this time a year ago. Net new brokerage assets were $3.1 billion in the first quarter.
The company’s loan portfolio ended the quarter at $10 billion. In the previous quarter it was $10.5 billion, so E*TRADE is still taking steps to lower the company’s risk level. The average commission per trade during the quarter was $11.30, which is the highest level in more than a year.
Despite the revenue miss, Wall Street seemed to react quite positively to this report. Shares of ETFC traded higher by about 3 percent on Friday.
For the full earnings release from E*TRADE click here.