Interactive Brokers Group has announced higher revenue and profit for the third quarter of the year as its customer accounts experienced double-digit growth.
Financial Performance
For the quarter ended September 30, the electronic broker recorded a net income of $772 million, equivalent to $1.56 per share. This marked an increase from the previous year’s $483 million, or 97 cents per share. Adjusted earnings were reported at $1.55 per share, surpassing analysts’ estimates of $1.51 per share.
Growing Customer Base
Interactive Brokers Group saw a significant increase in its customer accounts, with a growth rate of 21%, reaching a total of 2.43 million accounts. Additionally, the company’s customer equity rose by 29% to reach $369.8 billion.
Revenue Growth
The Greenwich, Conn.-based company also reported a rise in revenue, reaching $1.15 billion compared to $790 million in the same quarter of the previous year. Analysts polled by FactSet had anticipated revenue of $1.11 billion.
Commission Revenue and Trading Volume Analysis
Commission revenue increased by 4% to $333 million, while customer trading volume varied across different product types. Options contracts volume increased by 18%, while both futures contracts and stock share volumes decreased by 1% and 22% respectively.
