Beats Earnings by ~1% & Misses Revenue expectations by ~0.2%
Total Revenue: $4.69 Bn, down 1.05% QoQ, up 0.6% YoY
Net earnings: $1.5 Bn, up 7% YoY, down 3% QoQ
Shares down ~4% after results
Key Takeaways:
Trading volumes up 10% QoQ & margin balances up 5% QoQ
Asset management and administration: $1.45Bn, up 7% YoY, up 4% QoQ
Bank deposit account balances: $93.1Bn, down 12% YoY, down 3% QoQ
Net new assets: $61.2Bn, up 17% YoY, down 30% QoQ
CFO Peter Crawford profit margins:
“Our balanced approach to expense management helped enable pre-tax profit margins to expand sequentially to 38.5% – 41.5% adjusted – while continuing to make investments to support long-term growth.”