E*TRADE FINANCIAL (ETFC) Reports Monthly Activity for February 2009; HELOC Delinquency

March 18, 2009 8:28 AM EDT

E*TRADE FINANCIAL Corporation (NASDAQ: ETFC) released its Monthly Activity Report for February and provided an intra-quarter update on its loan portfolio delinquencies.

E*TRADE opened 62,361 gross new retail accounts in February, with net new retail accounts of 10,684. This included 11,998 net new brokerage accounts and 3,227 net new banking accounts, offset by a net loss of 4,541 stock plan accounts. The Company's total retail accounts now stand at a record 4.57 million. Total Daily Average Revenue Trades decreased 1.3% sequentially to 181,744.

Asset flows for the month continued to be positive, as the Company realized more than $1 billion in net new customer assets, marking the fifth consecutive month of positive inflows. Total customer cash and deposits (including brokerage related cash) increased slightly during the month. Customers were net buyers of over $1 billion in securities in February.

E*TRADE also provided an update concerning delinquencies in its loan portfolio.

The data show that "special mention" delinquencies (30 to 89 days delinquent) for its home equity portfolio, which represents the Company's greatest exposure to loan losses, declined by 9% in January from December and by another 8% in February from January (a cumulative decline of 16% since December 2008). Home equity "at risk" delinquencies (30 to 179 days delinquent) show a cumulative decline of 1 percent quarter to date.

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