TD Ameritrade Tuesday reported that it attracted a record $34 billion in new assets in fiscal 2010 ended Sept. 30, an 11% increase from assets held at the beginning of the year.
Net revenues totaled $2.6 billion, 48% of which were asset based, and net income was $592 billion, bringing diluted earnings per share to $1. TD Ameritrade also introduced a dividend of 5 cents a share in the third quarter. Average client trades per day in the year were 372,000.
“We are proud of how we have executed over the last two years,” said Fred Tomczyk, president and CEO of TD Ameritrade.
Despite a continued challenging economic environment, the company maintained industry-leading daily average revenue trades, grew interest-rate sensitive assets to a record $66 billion, and for the third consecutive year, delivered record organic growth in net new client assets, TD Ameritrade said.
“I can’t think of another company that has delivered the kind of organic growth we have, and received a credit ratings upgrade, refinanced their debt through a successful public offering, bought back 9% of their outstanding stock, made an acquisition and introduced a dividend—all within a 24-month period that included the deepest and longest recession since the Great Depression,” Tomczyk said.
For the upcoming fiscal year, TD Ameritrade expects to deliver earnings of 90 cents to $1.20.