Commission revenue increased by 27% year-over-year to a record $516 million, with an additional $15 million in commission revenue lost due to the SEC fee rate reduction to zero mid-quarter.
Customer credit balances rose 34% to a record $144 billion, and client equity increased 34% to $604 billion, outperforming the S&P 500's 11% quarterly gain.
Dividend was increased from $1 per year to $1.28, adjusted for the four-for-one stock split completed in June.
Execution, clearing, and distribution costs rose only 1% despite higher volumes, maintaining a gross transactional profit margin of 82%.
Expenses were well controlled with a 5% staff increase and compensation expense ratio steady at 11% of adjusted net revenues.
Net interest income reached a quarterly record of $860 million, including a one-time $26 million tax credit; adjusted net interest income was $834 million.
Pretax income exceeded $1 billion for the third consecutive quarter, with a pretax profit margin of 75%, a record for the company.
Total assets grew 33% year-over-year to $181 billion, driven by higher segregated cash balances and margin lending.
Dafinchi