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Interactive Brokers (IBKR) Records Decline in September DARTs
Interactive Brokers Group, Inc. (IBKR - Free Report) released the Electronic Brokerage segment’s performance metrics for September 2023. The segment deals with the clearance and settlement of trades for individual and institutional clients globally. It reported a decline in client Daily Average Revenue Trades (DARTs) on a sequential and year-over-year basis.
Total client DARTs for the month were 1,798,000, declining 7% from the August 2023 level and 8% year over year.
Cleared client DARTs for the month were 1,614,000, which decreased 7% from August 2023 and 8% from September 2022. On an annualized basis, IBKR recorded a Cleared Average DARTs per customer account of 168. The metric declined 9% sequentially and 24% from the prior-year period.
IBKR’s total customer accounts rose 3% from the prior month and 21% from September 2022 to 2.43 million. Net new accounts were 62,500, a surge of 48% from August 2023 and 157% from the prior-year period.
Interactive Brokers’ total options contracts were 75.5 million in September 2023, decreasing 17% from the prior month but growing 6% from the prior-year period. Futures contracts declined 8% on a sequential basis and 11% year over year to 17 million.
At the end of September 2023, client equity was $369.8 billion, which declined 2% sequentially but increased 29% year over year. Interactive Brokers recorded client credit balances of $98 billion, down 3% from the August 2023 level and rising 3% from September 2022. The company's customer margin loan balance of $43.6 billion increased 4% from the previous month and 8% year over year.
So far this year, shares of Interactive Brokers have rallied 18.4% against the industry’s 10.5% fall.
Image Source: Zacks Investment Research
IBKR currently carries a Zacks Rank #3 (Hold).
Two other brokerage firms, Charles Schwab (SCHW - Free Report) and LPL Financial Holdings Inc. (LPLA - Free Report) , will come out with the monthly performance metrics along with third-quarter 2023 results.
At present, both Schwab and LPL Financial carry a Zacks Rank #3. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.