(November 18 – 09:45 ET) – TD Waterhouse Group Inc. is announcing its financial results for fiscal 1999. Earnings are up to 28¢ per share from 15¢ per share in 1998.
Year over year revenues are up about 56%, with mutual fund revenues growing fastest up 67%. Total expenses were up 52% year-over-year, led by increased advertising spending, up 89%.
In the fourth quarter alone, earnings per share reached 6¢ per share, up from 4¢ per share in the period a year ago. Waterhouse says that its customers’ assets have reached about $122 billion, up by 60% from Q4 1998. And its trading volumes are up 57% year-over-year, yet they are down 5% from the third quarter of 1999. Online trading now accounts for 68% of total trades, up from just 51% a year ago. This has pushed commission revenue per trade down to $23.02, a 20% drop from 1998.
Waterhouse forecasts positive economic growth in North America, Japan and Europe. It anticipates strong growth of its own in 2000.
-IE Staff
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