TD Ameritrade (NASDAQ: AMTD) reported Q3 EPS of $0.89, $0.09 better than the analyst estimate of $0.80. Revenue for the quarter came in at $1.38 billion versus the consensus estimate of $1.35 billion.

Financial results for the quarter ended June 30, 2018, include the following:(2)

• Net new client assets of approximately $20 billion, down 10 percent year over year, annualized growth rate of 7 percent
• Average client trades per day of approximately 784,000, up 54 percent year over year
• Net revenues of $1.4 billion, 62 percent of which were asset-based
• Client assets of approximately $1.2 trillion, up 39 percent year over year
• $0.79 in GAAP earnings per diluted share, up 80 percent year over year, on net income of $451 million
• $0.89 in Non-GAAP earnings per diluted share(1), up 85 percent year over year
• Pre-tax GAAP income of $603 million, or 44 percent of net revenues
• Interest rate-sensitive assets(3) of $149 billion, up 24 percent year over year

“Thanks to outstanding operational and business performance, we delivered strong profitability in the quarter,” said Tim Hockey, TD Ameritrade president and chief executive officer. “We’re on a mission to leverage our size, scale and know-how to make investing simpler and more personal than ever before. We rounded out our advice continuum in the third quarter with the launch of Personalized Portfolios(4) – a compelling \'digital-plus-human\' guidance experience. Additionally, our advanced technology efforts, such as Apple Business Chat, are gaining traction with clients and we will continue to expand the ways in which our clients can interact with us online. TD Ameritrade is leveraging technology and people to break down barriers, bringing greater ease and accessibility to investing. It’s about what we offer, and how we offer it.”

“It was an excellent quarter as substantial expense reductions drove record net income and EPS. Investor engagement was robust, with strong client net buying,” said Steve Boyle, executive vice president and chief financial officer. “At the same time, we’re clearly seeing the expected benefits of our Scottrade acquisition. In fact, we achieved many cost savings sooner than expected, with approximately $212 million in synergies realized through June. The strength of these results more than offset a slight decline in trading revenuecompared to the prior record quarter.”

For earnings history and earnings-related data on TD Ameritrade (AMTD) click here.