TD Ameritrade 2nd quarter profit up 35 pct on net new assets

Wed Apr 23, 2014 8:34am EDT
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NEW YORK, April 23 (Reuters) - TD Ameritrade Holding Corp , the biggest U.S. discount broker as measured by client trades, said profit in its fiscal second quarter jumped 34.7 percent to $194 million on record revenue driven by net new client assets of $12.2 billion.

The profit translates to 35 cents a share, also up 35 percent from the year-earlier quarter and consistent with the forecast of analysts tracked by Thomson Reuters I/B/E/S.

The Omaha, Nebraska-based company said average client trades per day, fee-based investment balances and total client assets all hit record levels during the quarter that ended on March 31. TD Bank Group, the parent of Toronto-Dominion Bank that is the brokerage firm's largest shareholder, said TD Ameritrade's results should contribute about C$78 million to its yet-to-be reported second-quarter net income.

(Reporting By Jed Horowitz)