(May 18 – 09:00 ET) TD Waterhouse Group, Inc. (NYSE/TSE: TWE) announced continued growth in the second fiscal quarter of 2000, with record profits of $76.6 million – up 156% from the previous year, and 34% from the previous record set in the 1st fiscal quarter of 2000. Net income was $76.6 million for the 2nd quarter ended April 30, 2000 – up 156% from the 2nd quarter of 1999. “We set new records for all our key financial indicators,” said Chief Executive Officer Stephen McDonald.
Earnings per share of 20¢ was up 124% from 2nd quarter of 1999, 33% from the 1st quarter of 2000. Excluding the impact of goodwill, earnings per share were 23¢ versus 11¢ a year ago and 17¢ last quarter.
Revenues were up 96% year-over-year to $489 million. New account openings (exclusive of acquisitions) climbed 61% from the prior record quarter to 418,000, at a cost per new account of $70, compared to $139 last quarter.
The acquisition of CT Securities Inc. is completed in Canada. It added 130,000 customer accounts and over $2 billion in customer assets.
-IE Staff