TD Ameritrade Profit Climbs 6.5%
Author: Brett Philbin</br></br>TD Ameritrade Holding Corp.'s fiscal first-quarter profit rose 6.5% as an increase in asset-based revenue offset a slight drop in trading activity.</br></br>The Omaha, Neb., online brokerage reported average client trades per day, or DARTs, of roughly 372,000, down 2% from about 379,000 a year earlier, although the figure rebounded 17% from a weak fourth quarter as clients came back to the market following a summer trading slowdown.</br></br>During the quarter, online brokerages posted higher November trading volumes across the board as activity was at the strongest level since May, the month of the stock market's "flash crash." But trading volumes, as expected, fell in December as many investors took vacations during the holiday season.</br></br>During a conference call with analysts, TD Ameritrade Chief Executive Fred Tomczyk said the company continues to "see further improved retail engagement and market sentiment in January," adding that "things are looking much better than they did just 90 days ago."