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Interactive Brokers (IBKR) Records Decline in August DARTs
Interactive Brokers Group, Inc. (IBKR - Free Report) released the Electronic Brokerage segment’s performance metrics for August 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 1,931,000, declining 3% from the July 2023 level and 2% year-over-year.
Cleared client DARTs for the month were 1,732,000, which decreased 3% from July 2023 and marginally from August 2022. On an annualized basis, IBKR recorded a Cleared Average DARTs per customer account of 184. The metric declined 5% sequentially and 17% from the prior-year period.
IBKR’s total customer accounts rose 2% from the prior month and 19% from August 2022 to 2.37 million. Net new accounts were 42,100, up 16% from July 2023 and 12% from the prior-year period.
Interactive Brokers’ total options contracts were 91 million in August 2023, increasing 16% from the prior month and 20% from the prior-year period. Futures contracts grew 33% on a sequential basis and 15% year over year to 18.5 million.
At the end of August 2023, client equity was $377.6 billion, which declined 2% sequentially but increased 22% year over year. Interactive Brokers recorded client credit balances of $99 billion, on par with the July 2023 level and rising 3% from August 2022. The company's customer margin loan balance of $42.1 billion decreased 3% from the previous month and 2% year over year.
Over the past six months, shares of Interactive Brokers have rallied 4.9% against the industry’s 10.6% 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) , are expected to report monthly performance metrics in the coming days.
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.