What Helped TD Ameritrade in Fiscal 2Q18


Nov. 20 2020, Updated 12:56 p.m. ET

AMTD’s fiscal 2Q18 results

In fiscal 2Q18, TD Ameritrade’s (AMTD) revenue was primarily helped by increased market volatility. During the quarter, client participation, as measured by account trading and logins, improved QoQ (quarter-over-quarter) and YoY (year-over-year).

TD Ameritrade’s daily average revenue trades rose substantially, by ~82% YoY to ~943,000, mainly supported by technology. Competitors (XLF) E*TRADE Financial (ETFC), Charles Schwab (SCHW), and Interactive Brokers (IBKR) also saw their trading volumes rise thanks to volatility.

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Net revenue

TD Ameritrade generated net revenue of $1.4 billion in fiscal 2Q18, compared with $1.2 billion in fiscal 1Q18. Its commissions and transaction fees rose QoQ, from $440 million to $556 million. Mobile trades accounted for 23% of its total trades in fiscal 2Q18, rising marginally QoQ.

In 2Q18, TD Ameritrade’s total asset-based revenue rose QoQ from $790 million to $830 million, and its net interest revenue rose QoQ from $276 million to $308 million. The company had investment product fees of $141 million in fiscal 2Q18.

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