E*TRADE Group, Inc. has released it results for the quarter ending on Dec. 31, 2001, reporting net income from ongoing operations of $24.7 million, or $0.07 per share, compared to net income of $6.0 million, or $0.02 a share, in the same quarter a year ago.

The Company reported net revenue for its quarter ended December 31, 2001 of $345 million, compared to $334 million for the same period a year ago. “Reporting our sixth consecutive quarter of operating profitability, E*TRADE delivered increased revenues, margins and profitability despite the continued challenging environment,” says Christos M. Cotsakos, chairman of the board and CEO, E*TRADE Group, Inc.

Results from ongoing operations exclude the amortization of goodwill and merger-related expenses, the gain or loss on investments, unrealized losses on venture fund investments, the fair value adjustments of financial derivatives related to the impact of FAS 133 and facility restructuring and other non-recurring charges.

E*TRADE reported net income, before extraordinary gains on the early extinguishment of
debt, for the fourth quarter of $7.7 million or $0.02 per share on a fully diluted basis, and after extraordinary gains, net income was $21.6 million, or $0.06 per share, compared to a total net income of $1.4 million, or $0.00 per share for the same period a year ago.

E*TRADE reported progress in the fourth quarter in a number of important
metrics:

– Total net revenues for the quarter increased by 18 percent over third quarter.
– Total households grew by over 102,000 in the fourth quarter to 3 million.
– Total customer accounts are 4 million, up 12 percent compared to the 3.6 million accounts reported at the end of the same quarter a year ago.
– Our North American sales organization brought in $2.7 billion in new assets, 11 percent greater than the previous quarter, resulting in more than $8 billion in only five quarters of operation.
– E*TRADE Mortgage funded $2 billion in mortgages.