Summary Box: E-Trade posts 3Q profit

AP News
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Posted: Oct 20, 2010 6:11 PM
Summary Box: E-Trade posts 3Q profit

BACK IN BLACK: E-Trade Financial Corp. on Wednesday posted a third-quarter profit of $8.4 million, or 3 cents per share. It was the second consecutive profit after E-Trade suffered three years of losses before this year's second quarter.

YEAR-AGO HIT: E-Trade posted a $855 million loss in last year's third quarter, due to a hefty charge to shore up the company's capital position.

CREDIT IMPROVEMENT: E-Trade's loan-loss provision shrank by more than half in the latest quarter, offsetting a revenue decline caused mostly by lower brokerage trading volume.