Ameritrade Holding Corp.'s fiscal fourth-quarter earnings increased slightly despite a big decline in trading volume, it said Tuesday.
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The Omaha securities brokerage said it earned $57.2 million, up 3.8% from the year earlier. But revenue for the quarter declined 5%, to $186.8 million. Net revenue for the fiscal year rose to $880.1 million, from $713.3 million.
Average client trades per day in the quarter declined 28.8%, to 123,630. Commissions and clearing fees fell 31.7%, to $102.4 million. Expenses also dropped, by 11%, to $92.8 million.
Ameritrade said it opened 62,000 accounts and closed 30,000 during the quarter. In the year-earlier period, it opened 78,000 and closed 37,000.
