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Understanding Interactive Brokers’ Balance Sheet

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Jan. 24 2018, Updated 7:33 a.m. ET

Rise in total assets

Interactive Brokers Group (IBKR) saw a rise in total assets from $54.6 billion as of December 31, 2016, to $61.1 billion as of December 31, 2017. The company saw a decline in borrowed securities from $3.6 billion as of December 31, 2016, to $2.9 billion as of December 31, 2017.

Interactive Brokers reported the value of financial instruments that are owned at a fair value of $3.1 billion as of December 31, 2017, compared to $4 billion as of December 31, 2016. The company posted receivables from dealers, brokers, and clearing organizations of $774 million as of December 31, 2017, compared to $1 billion as of December 31, 2016.

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Liabilities excluding equity

Interactive Brokers Group reported total liabilities, excluding equity, of $54.7 billion as of December 31, 2017, compared to $48.8 billion as of December 31, 2016. It reported a substantial decline in short-term borrowings from $74 million as of December 31, 2016, to $15 million as of December 31, 2017.

Interactive Brokers reported securities loaned of $4.4 billion as of December 31, 2017, compared to $4.2 billion as of December 31, 2016. The company reported a rise in total other payables from $42.3 billion as of December 31, 2016, to $48.1 billion as of December 31, 2017.

Over the last 12 months, Interactive Brokers Group’s price-to-sales ratio was 16.60x. Its peers (XLF) Morgan Stanley (MS), Wells Fargo (WFC), and Bank of America (BAC) had ratios of 2.32x, 5.23x, and 5.88x, respectively.

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