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Analyzing E*TRADE Financial’s Performance in 1H17

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Part 2
Analyzing E*TRADE Financial’s Performance in 1H17 PART 2 OF 6

Behind E*TRADE’s Fees and Service Charges

Fees and service charges

The major components of E*TRADE Financial Corporation’s (ETFC) fees and service charges include order flow revenues, mutual fund service fees, money market funds and sweep deposits, reorganization fees, adviser management fees, and foreign exchange revenues. 

All components of the company’s fees and service charges increased in 1H17 compared to 1H16.

Behind E*TRADE’s Fees and Service Charges

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E*TRADE Financial generated an ~1.1% return on its assets over the last 12 months (or LTM). Its peers (XLF) LPL Financial Holdings (LPLA), Lazard Limited (LAZ), and Goldman Sachs Group (GS) generated returns of ~4.5%, ~10.5%, and 0.95%, respectively, on their assets on an LTM basis.

1H17 versus 1H16

E*TRADE Financial saw a substantial rise of 53% in its total fees and service charges in 1H17 compared to 1H16. This increase mostly resulted from a rise in order flow revenues and money market fund revenues.

In 1H17, E*TRADE Financial reported order flow revenues of $65.0 million compared to $44.0 million in 1H16 for a 48% increase. Favorable rates and a rise in options trading have resulted in increased order flow revenues.

E*TRADE saw a substantial rise from $18.0 million in 1H16 to $48.0 million in 1H17 in revenues related to money market funds and sweep deposits, an increase of 167%. The company witnessed a 56% increase from $9.0 million in 1H16 to $14.0 million in 1H17 in its foreign exchange revenues.

E*TRADE Financial’s reorganization fees rose 14% in 1H17 compared to 1H16. In 1H17, the company reported reorganization fees of $8.0 million compared to $7.0 million in 1H16.

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