E-Trade Financial Corp., the fourth-largest U.S. retail brokerage by client assets, reported quarterly profit that met analyst estimates after setting aside less money for future loan defaults.
Third-quarter net income was $8.4 million, or 3 cents a share, compared with a loss of $854.7 million, or $6.74 a share, a year earlier, the New York company said Wednesday.
That matched the 3-cent average analyst projection, according to a Bloomberg News survey.
Sales after loan-loss provisions were deducted totaled $337.4 million.
That beat the average analyst estimate by 7.1%, Bloomberg data shows.
Provisions for future loan losses shrank to $152 million last quarter from $165.7 million in the second quarter, E-Trade said.
Revenue shrank 15%, to $489.4 million from the year-earlier period.
