Interactive Brokers Group, Inc. (NASDAQ:IBKR) stock rose 4.58% (As on April 17, 11:30:20 AM UTC-4, Source: Google Finance) after the company posted higher than expected results for the first quarter of FY 24. Interactive Brokers reported comprehensive income available to common shareholders of $149 million or $1.37 per share compared with $153 million or $1.47 per share in the prior-year quarter. Income before income taxes was $866 million, increasing 13.8% from the prior-year quarter. The adjusted pre-tax profit margin was 72%, up from 71% a year ago. In the reported quarter, total customer DARTs increased 14% year over year to 2.35 million. Customer accounts grew 25% from the year-ago quarter to 2,746,000. As of Mar 31, 2024, cash and cash equivalents (including cash and securities set aside for regulatory purposes) totaled $63.3 billion compared with $68 billion as of Dec 31, 2023. As of Mar 31, 2024, total assets were $132.2 billion compared with $128.4 billion as of Dec 31, 2023. Total equity was $14.7 billion, up from $14.1 billion as of Mar 31, 2023.

IBKR in the first quarter of FY 24 has reported the adjusted earnings per share of $1.64, beating the analysts’ estimates for the adjusted earnings per share by a penny, according to the Zacks Consensus Estimate. The company had reported the adjusted revenue growth of 13.9 percent to $1.20 billion in the first quarter of FY 24, beating the analysts’ estimates for revenue of $1.19 billion. Reported income before income taxes was $866 million for the current quarter and $879 million as adjusted. For the year-ago quarter, reported income before income taxes was $761 million and $720 million as adjusted.

Moreover, Commission revenue increased 6% to $379 million. Customer trading volume was mixed across product types with options contract volume up 24%, while futures contract and stock share volumes were down 3% and 16%, respectively. Net interest income increased 17% to $747 million on higher benchmark interest rates, customer margin loans and customer credit balances. Other fees and services increased $16 million, or 37%, to $59 million, driven primarily by increases of $13 million in risk exposure fees and $2 million in FDIC sweeps fees. Execution, clearing and distribution fees expenses increased 6% to $101 million, driven by higher customer trading volume in options.

Additionally, the company announced a quarterly cash dividend of 25 cents per share, representing a hike of 150% from the prior payout. The dividend will be paid out on Jun 14 to shareholders of record as of May 31.