E*TRADE Financial Corporation (ETFC) reported third quarter earnings that comfortably beat analysts expectations. Net income increased by almost 83 percent to $86 million, or 29 cents per share of earnings for E*TRADE in the third quarter. Total net revenue jumped to $440 million compared to $417 million last year. Analysts were expected only 22 cents per share of earnings and $425 million in revenue from the online broker.

Higher net operating interest income and continued reduced provision for loan losses were drivers for the earnings growth in the quarter. Provision for loan losses dropped a whopping 73 percent in the quarter. E*TRADE also saw their all-important Daily Average Revenue Trades (DARTs) rise by six percent to 153,494. That was a decrease of one percent from the previous quarter, but a bigger slowdown had been expected during the always slow summer months.

There’s no doubt that E*TRADE’s report was a very positive one. Total customer assets now sit at $281.7 billion, which is 17 percent higher than a year ago. The company reported 24,000 net new brokerage accounts during the quarter. The annualized attrition rate sat at 9.1 percent. One small negative from the report was increased total operating expenses at $277 million for the quarter.

Paul Idzik, CEO at E*TRADE, said on the conference call that he was happy with the level of engagement from customers during the summer months. He also made note of margin balances that now sit at all-time highs for E*TRADE.

Click here for the full press release from E*TRADE on their 3rd Quarter Earnings.

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