Summary by Futu AI
Interactive Brokers Group reported Q3 2024 income before taxes of $909 million, up 8% from $840 million in Q3 2023. Total net revenues increased 19% to $1.37 billion, driven by higher commission revenue which rose 31% to $435 million on increased customer trading volumes. Net interest income grew 9% to $802 million due to higher customer margin loans and credit balances.General and administrative expenses surged 240% to $153 million, primarily due to $87 million in legal and regulatory matters and a $12 million charge related to European subsidiary consolidation. Customer trading volumes showed strong growth with options and stock volumes up 35% and 22% respectively. Total daily average revenue trades increased 42% to 2.7 million.The company's total customer equity rose 46% year-over-year to $541.5 billion while total accounts grew 28% to 3.12 million. The pretax profit margin was 67% compared to 73% in the prior year quarter. Interactive Brokers maintained a highly liquid balance sheet with approximately 99% of its $148.5 billion in total assets considered liquid as of quarter end.
