TD Ameritrade (AMTD) reported fourth quarter earnings that missed the mark last week. Analysts were expecting earnings of 40 cents per share and the company delivered 39 cents per share. On the revenue side, the average analyst estimate was $831 million, but TD Ameritrade delivered $819 million. Revenue did increase nine percent compared to the same period a year ago. Low interest rates are proving to be a drag on earnings. Net interest margin fell to 1.53 percent from 1.55 percent in the previous quarter.

While the numbers did slightly miss expectations, it is important to keep things in perspective. TD Ameritrade’s net revenue of $819 million was still a quarterly record for the company. Of that $819 million in revenue, 55 percent of it was asset-based. Net new client assets were $18.8 billion, which was another quarterly record. That $18.8 billion was up an impressive 30 percent from last year. Total client assets reached a record level of $672 billion.

Daily Average Revenue Trades (DARTs) were 457,000 during the quarter. This was an 11 percent increase from last year. It also represented an activity rate of 7.2 percent. TD Ameritrade CEO Fred Tomczyk said, “Trading was at strong levels due to market volatility and investors continue to increase their usage of options, futures and mobile technology.”

Click here for the full TD Ameritrade Earnings release.

amtd0127