(February 16 – 09:45 ET) – TD Waterhouse Group Inc. is reporting its results for the first quarter ended January 31. Including net income, the online broker made $57 million. Net income is up by 184% from first quarter 1999 and up 172% from fourth quarter 1999. Customer assets now top $150 billion.
New account openings increased by 56% to 260,000 versus 167,000 a year ago. Average trades per day were 190,000, up 94% versus last year, and 72% of all trades were handled online versus up from 58% a year ago. However the firm saw its cost per account jump to $139 as compared with $69 a year ago. According to a recent U.S. Bancorp Piper Jaffrey Online Brokerage Survey Waterhouse now has a 13.3% market share in the online business.
“In each strategic area we have experienced major successes, be it extending our global reach, expanding core and new growth segments, optimizing customer relationships or leveraging technology,” says CEO Stephen McDonald.
“As part of the integration of CT businesses within the TD Bank Financial Group, TD Waterhouse will acquire CT Securities’ discount brokerage from TD Bank in the next quarter,” says McDonald. He also highlighted recent TD Waterhouse initiatives in Japan, India and the U.K. as evidence of the firm’s global growth strategies.
For 2000, the firm is looking to add over 1 million new customer accounts, $60 billion in customer assets and double digit profit growth.
-IE Staff