Thank to call. you, Nancy. the Welcome, everyone,
with on second With We first revenue Page of base performances for future. on the customer account with As net balance ongoing quarter growth billion. growth, release. our items a starting strong reaching usual, $X.X revenue build our in followed X sheet to and the revenues strong and we continue over
the million, despite declines were up $XXX X% equities Commissions volume. ago industry-wide year in quarter, from
pace high, from reflective options trading a Our volumes, particular, quarter, again industry the doubling of volume growth. Stock driven by in year's in lower-priced at of lower stocks, a once volumes but quarterly declined of drop industry in last came share volumes. also
and credit customers higher our reflecting gains policy Net a quarterly is interest on balances cash. rate to were income long-standing XX on to by basis the offset paid their hikes These margin $XXX segregated qualified and record funds. pass above as we loans through was customer higher partially million, our interest interest points
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X,XXX. count Our end head quarter at was
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the the company's Income of operating tax public reflects million million. sum million and the $XX company of expense $XX is $XX
sheet Page to X our on of Moving balance release. the
with driven and maintain and a Our $XXX end lending during providing our volatile balance billion total growing over with and by the our ample supporting the year primarily sheet last in increases margin quarter, markets. short-term liquidity. flexibility aimed securities We assets at businesses resources businesses. maximum were lending growth financial of at
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you the robust quarter the of can $X.X total prior see X, XXX,XXX up and XX% with net our year. account remains growth over that in account On million, adds Page accounts over
quarter. from X.X customer day, down were Total slightly DARTs million year per trades the prior
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year X segregated net offset XX% cash on to the interest from expense customer numbers. margin and stronger higher our balances. ago net and $XXX margin rose income interest million reflecting loans, quarter, Page partially interest earnings presents by cash GAAP Total
XXX XX Canada, this rate the Kong raised zone. last. basis This quarter. Many higher the central banks also basis Hong point and in was the group over quarter, U.K., includes average the other Euro federal X more latest funds this than points hike year With
continue on $XXX last million, hikes. asset quickly. rate and on earned interest our us closely up from to million a segregated rate global liability increases match allow year, duration funds $XXX from Maintaining short maturities benchmark cash up invested primarily pick was to and Net
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quarter segregated internationally to rising due rose interest year margin to $XXX quarter lending million, nearly have both benchmark rates overall in generated revenue funds the from is the balances margin ago received doubling lighter by And net year have the namely, as cash rate segregated U.S. so-called prior we cash. driven only a that $XX interest slightly. as we the interest million, rates Higher securities, portion average as previously, lending rise, to noticed which income. loan Securities of on categorized demand was despite greater stock. Margin we dynamic for loan hard-to-borrow interest collateral higher the down and invest for
versus would to year. $XX versus million words, shift securities line impact have for $XXX this in last million be estimate We the ago the $XX without item, about In the quarter. million net from interest quarter reporting been other lending year in
the and Interest rates credit balances on third as customers in we higher or in through interest as pass paying interest customers customer quarter. led our many their increases. $XXX our the million we grew qualifying We currencies paid to balances rate our pay on balances to
suite the the $XX after pass-through apart. who that clients active clients first consider offering on X% clients one balances set their prevent choosing to about basis do cash We cash full not keep success cash, that in We our second points continues them and to were of use component from us, our up a programs with the from to want leads billion. rate-sensitive XX believe immediately their their quarter accessing rate all at policy this to hikes especially us significant to qualified invest. Fully
of of the hikes increases rate and given in impact expectations the additional reduction, effects increases both decreases of rates, estimates annual increases and on further market rate the funds increases point rate interest our the funds estimate income and to net rate we XX approximately increase near-term We of each net for the basis interest in out $XX of Now decreases, produce Fed for estimate million income. benchmark. Fed our in in
decrease Symmetrically, the basis each rate funds reduce decreases net for point interest the by approximately million should annual in $XX XX Fed in benchmark. income
at that September that Fed effective X.XX% based Note is funds rate estimates XX, these starting and with point balances our at the on for date.
About is U.S. XX% cash balances dollars. our customer of in not
each income XX in additional of estimates of $XX for relevant approximately benchmark estimate the change interest U.S. benchmarks. those effect currencies. million basis So rate exclude We rates all increases net the in annual to point non-USD produce increase
deliver our company our and uncertain services third as low customer risk with we interest reflecting strong the operating in cost continued rates customers to performed the complex over core at expenses. a controls base environment, conclusion, effectively and In business the well ability in competitive grow quarter our and to manage
moderator And with over to that, and questions. it we happy to our will turn take
