Online stockbroker recovers

Small profit thanks to diversifying...

Online stockbroker ETrade has posted a modest profit for the fourth quarter ended 31 December 2001. The company made $7.7m, excluding exceptional gains from paying off debts early. This was still up sharply from the $1.4m made in the fourth quarter last year. Revenues also rose - from $334m a year ago to $345m. ETrade credited its move away from stock broking, to services such as banking, insurance and mortgages, for increasing profits. The company still carried out an average of 110,000 trades per day, up from the third quarter, but down from the 150,000 averaged in the last quarter of 2000.