E-Trade Financial Corporation (NASDAQ: ETFC) said Wednesday that its second quarter net income rose to $47 million, or $35 million, or 12 cents a share, in the year-ago culture. Revenue dropped to $518 million from $534 million. Analysts, on average, expected the company to report earnings of 16 cents per share on revenue of $516.20 million.
"We are pleased with our second quarter performance, which reflected continued solid progress across the firm," said Steven Freiberg, Chief Executive Officer of E*TRADE Financial Corporation. "While our brokerage results were affected by an industry-wide decline in trading activity, we have continued to experience positive momentum in a number of metrics, including the generation of new accounts and assets, the growth of margin receivables, and improvements in customer retention. Our Corporate Services group continues to build momentum, signing more than 30 new client contracts during the quarter and strengthening an important channel for future retail brokerage account growth. Within the loan portfolio, we experienced a continuation of improving delinquency trends, and continue to focus on risk mitigation activities to stem future losses. Collectively, our successes this quarter allow us to maintain focus on initiatives that we believe will further enhance the customer experience and create value for shareholders."
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