Higher Yields Lead To a Profitable Q1 For E-Trade

E*Trade Financial announced its Q1 fiscal 2016 earnings on Thursday, April 21st, reporting a 7% year-on-year (y-o-y) rise in net revenues to $472 million. In line with our expectations, daily average revenue trades (DARTs) fell 3% year on year (y-o-y) to 165,000 in the quarter, causing transaction-based revenues to decline. However, the fall in transaction revenues was more than offset by a surge in net interest income. Although average client balances on the company’s balance sheet fell margi...