eTrade 2010 Annual Report Download - page 35
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Revenue
The components of net revenue and the resulting variances are as follows (dollars in millions):
Variance
Year Ended December 31, 2010 vs. 2009
2010 2009 Amount %
Net operating interest income $1,226.3 $1,260.6 $ (34.3) (3)%
Commissions 431.0 548.0 (117.0) (21)%
Fees and service charges 142.4 192.5 (50.1) (26)%
Principal transactions 103.4 88.1 15.3 17%
Gains on loans and securities, net 166.2 169.1 (2.9) (2)%
Net impairment (37.7) (89.1) * *
Other revenues 46.3 47.8 (1.5) (3)%
Total non-interest income 851.6 956.4 (104.8) (11)%
Total net revenue $2,077.9 $2,217.0 $(139.1) (6)%
* Percentage not meaningful.
Total net revenue decreased 6% to $2.1 billion for the year ended December 31, 2010 compared to 2009.
This was driven by lower commissions, fees and service charges and net operating interest income, which was
slightly offset by a decrease in net impairment and an increase in principal transactions.
Net Operating Interest Income
Net operating interest income decreased 3% to $1.2 billion for the year ended December 31, 2010 compared
to 2009. Net operating interest income is earned primarily through investing customer cash and deposits in
interest-earning assets, which include margin receivables, real estate loans, mortgage-backed securities and
investment securities. The slight decrease in net operating interest income was due primarily to a decrease in our
average interest earning assets of $3.4 billion during the year ended December 31, 2010, which was offset by an
increase in our net operating interest spread during the same period.
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