Early Access

10-QPeriod: Q1 FY2024

Interactive Brokers Group, Inc. Quarterly Report for Q1 Ended Mar 31, 2024

Filed May 6, 2024For Securities:IBKR

Summary

Interactive Brokers Group, Inc. (IBKR) reported solid financial results for the first quarter of 2024, demonstrating robust revenue growth and a significant increase in net income available for common stockholders. Total net revenues rose by 14% year-over-year to $1.203 billion, driven primarily by a strong performance in net interest income, which surged by 17% due to higher benchmark interest rates and increased customer margin loans and credit balances. Commissions also saw a healthy 6% increase, reflecting higher options trading volumes. The company's operational efficiency remains a key strength, with non-interest expenses growing at a similar pace to net revenues, resulting in a stable pretax profit margin of 72%. Diluted earnings per share (EPS) improved to $1.61 from $1.42 in the prior year, underscoring the company's profitability. IBKR ended the quarter with a strong liquidity position and an increased total equity of $14.7 billion, signaling financial resilience and capacity for future growth. Investors can look forward to the increased quarterly dividend to $0.25 per share, reflecting management's confidence.

Financial Highlights

32 data points
Beta

Revenue

$438.00M

Net Income

$175.00M

0.4% Net Margin

EPS (Diluted)

$0.40

Total Assets

$132.24B

Cash & Equivalents

$4.06B

Free Cash Flow

$1.68B

Financial Statements
Beta
Revenue$438.00M
SG&A Expenses$50.00M
Interest Expense$1.01B
Net Income$175.00M
EPS (Basic)$0.41
EPS (Diluted)$0.40
Shares Outstanding (Basic)428.28M
Shares Outstanding (Diluted)432.60M

Key Highlights

  • 1Total net revenues increased by 14% to $1.203 billion in Q1 2024 compared to Q1 2023.
  • 2Net interest income saw a substantial 17% increase to $747 million, driven by higher interest rates and increased customer balances.
  • 3Commissions grew by 6% to $379 million, primarily due to a 24% increase in customer options trading volumes.
  • 4Diluted Earnings Per Share (EPS) rose to $1.61 for Q1 2024, up from $1.42 in the prior year's quarter.
  • 5Total equity grew by 20% year-over-year to $14.7 billion as of March 31, 2024.
  • 6The company declared an increased quarterly cash dividend to $0.25 per share, signaling confidence in future performance.
  • 7Customer account numbers grew by 25% year-over-year to 2.75 million, with customer equity increasing by 36% to $465.9 billion.

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