Interactive Brokers Group ended the quarter between October and December with an impressive $1.31 per share earnings. It was the company’s best three months in terms of quarterly profits. The adjusted rate of $1.30 per share exceeds the market expectation of $1.16 per share.
Net revenues for the Q4 of 2022 came in at $976 million, while the adjusted figure came in at $958 million. It was a jump of roughly 62% and 40%, respectively, from the same period of the previous year.
The brokerage firm’s commission revenue increased by 3% to $331 million. Meanwhile, net interest income significantly jumped by 92% to hit $565 million as benchmark interest rates and customer credit balances rose.
The broker’s “other income” also increased by $107 million due to investments into UP Fintech, currency diversification strategy, and tax-related items. However, it closed off on a gain of $37 million.
The reported pre-tax income went up 85% to $689 million. At the same time, its adjusted number was even more impressive — jumping 48% to close off at an encouraging amount of $$671 billion.
Interactive Brokers also closed with a net income of $633 million compared to last quarter’s figure of only $338 million for 2021.
In comparison, Interactive Brokers had reported net revenue totaling out at around $$790 million for Q3 along with pre-tax income value at a notable level on account of a spike in interest incomes boosting its performance which carried over till Q4 as well.
The online trading platform remained popular while witnessing an uptick in customer count by 25%. The total was 2.09 million accounts active on the platform despite customer equity going south by 18%. Total DARTs drove 22%, margin loans dropped 29%, and customer credits increased by 9%.
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