TD Ameritrade Holding Corp announced that profits increased 5% to $179.4 million, or 30 center per share, as trading volume increased.

The Omaha-based company announced Tuesday that its fiscal third quarter, which ended June 30, saw revenue increase 13% to $691.8 million. The results beat expectations by two cents per share, according to Thomson Reuters I/B/E/S.

Fred Tomczyk, TD Ameritrade's president and chief executive officer, said in a press release that "record trading and continued strong asset-gathering" drove the company's strong results.

Analysts said that market volatility and the "flash crash" in may spurred heavy trading volume during the quarter for online brokers like TD Ameritrade.

Average daily client trades increased 5.4% to 413,000 from a year earlier. Client assets under management increased 22% to $323.8 billion.