(November 15 – 09:30 ET) – TD Waterhouse is reporting strong results for the year ended October 31.

The brokerage firm is reporting net income for the year of $210.3 million, a 116% increase over 1999. (All figures are in U.S. dollars). Revenues are up 64% and new account openings (excluding acquisitions) are up 38% to more than 1 million, at an average cost per new account of $109.

In the fourth quarter, net income was $42.2 million, up 102% from the 4th quarter of 1999. Customer assets increased by more than 31% to $159 billion and trades per day increased 47% to 151,900 with 72% of transactions online.

CEO Steve McDonald said, “We achieved these results in spite of market volatility that resulted in a 10% decline in the Nasdaq composite, that affected both our customers and our business. Market conditions impacted not only transaction volumes but also the firm’s assets under administration and new account openings. I attribute TD Waterhouse’s ability to generate positive results to two of the firm’s strengths. The first is our ability to respond to changing market conditions by carefully managing customer acquisition costs. The second is our ability to remain focused on our four key growth strategies: enhancing customer relationships; expanding core and new growth segments; leveraging technology; and extending global reach.”

For 2001, TD Waterhouse says it expects to open 1.2 million new accounts and add $40 billion of net new customer assets. McDonald says it also intends to continue to improve operating margins; increase brand visibility; and diversify revenue streams to reduce reliance on commission-based revenues.

“We are pleased that even in the tough market conditions of the last six months, we continue to generate profits,” McDonald said. “We recognize that the climate going forward may continue to present difficulties, but are confident that our strategies and management can meet these challenges by continuing to exploit existing sources of growth and identifying additional opportunities for expansion.”
-IE Staff