the will first I you, review Good open we'll of course, quarter for afternoon, Nancy. questions. everyone. up Thank and then, results it
Page on year's results record first versus items pleased produced income. quarter, of this as revenue our with X Commissions our net We're release. reaching we $XXX last with Starting pretax the and quarter, again rose revenues million. financial
we set record. customers, in volumes base higher from our saw quarter, of volume growing a This which new trading options, particularly active quarterly
on of reflecting environment by interest as also last qualified to margin brokers to which loans passes us money with a to reached $XXX market XX on competitive record Net a attractive are as yields quarter balances. and borrowing led risk our year, banks higher funds. our well first and versus interest other Interactive on to cash more compared the higher all them their fund, above paid portfolio. the and makes basis million, their offset margin customers cash on quarterly rate These the hikes through segregated partially that in Brokers income points
of the Other financial X in an fees highlights by The of $XX in services many with quarter. investments, Page our And driven prior as the primary million, our suite fees fees exposure generated and these and as up excluded losses from was excluded year gains XX% are income on positioning transactions. well. FDIC the items earnings strategy on $XX these Other in report was Note from factor income adjusted increase and items, we risk diversification for a quarter that million principal currency release. our contribution other our of the non-core the earnings. without in includes risk on customers
Turning fees. volumes X% to options, up over on the $XXX in quarter quarter, expenses. and in year clearing higher costs Execution the carry were million distribution higher ago which
margin excluding distribution, from commission quarter a which As for not transactional of costs a commission have this a predominantly and clearing gross We the data, -- by profit a percent costs, of component. market commission execution and of million were XX% in revenues, execution non-transaction-based XX%. $XX revenue first calculate do clearing direct
the prior staff for for a slowing focused reflected net the Compensation of quarter. down and last over revenues remain $XXX year. in We expense expense million expense year's ratio adjusted quarter the XX%, to from slightly discipline benefits as was X% compensation our increased of on
XX at ] March [ Our headcount was X,XXX.
expenses. from $XX were on and higher expenses advertising G&A legal year-ago the million, up quarter
million the prior company's some Our million. public of and quarter. effective similar XX.X% the reflects pretax to margin tax usual and adjusted was rate $XX the million of the for Public was taxes operating within companies Income $XX its $XX range XX% year. company's
sheet our returning future while consistent an to of and X of from business the to still healthy $X.XX for year maintaining capital opportunities. balance shareholders current our business ample on Moving to strength balance and Page raising $X, per the the supports our dividend the base, our release, capital sheet
ended higher at to Our quarter margin with lending by and total new $XXX growth both XX% billion customers. assets the existing driven
and We geared partners. in existing to win prospective business our continue growth a sheet strength towards maintain to our clients demonstrating helping balance and long-term new by business supporting have no We us debt.
contract very declined volumes data to as and our growth. prior In well higher-quality stock Pages share volume clients in with X, pink industry trading year they larger decrease for gravitating across tandem stocks. over sheet industry. and other XX% did names occurred our customers The operating and in all and contract the low-priced stock lower in options Futures rose volumes above with on the share quarter, volumes X
was traded particularly shares in fact, despite decline total U.S. notional share the value brokerage in the many the up markets, In volume, of in
sizes larger in Page exchange. followed from and strong trades X, but stocks last total order smaller of down stocks of can futures. DARTs XX% you year that X.X overall average customer in from volume contributed the Stocks were due prior Commission by larger a and was and options see futures foreign size. options, higher smaller On lower million average up day, per in cleared volumes, $X.XX to contributed order sizes, for mix options commissionable order and especially while with order average and year
include the other Page interest income GAAP considered or we the $XXX NIM net $XX NIM for interest. fees In Total income while as margin but classified income, we million believe net million higher. more up X quarter, interest was other is shows $XXX XX% it's purposes computation, million net appropriately GAAP that income for our or interest our some numbers. was
margin offset on reflects expense interest income by strength in interest balances. higher net customer partially loan cash and interest, Our cash segregated
points basis this central rise rate in XX% and banks positive Federal a balances. increase world, a to Swiss from average the point XX points Reflecting interest the including rates steady in included to our rates rose X% cut over on XX in cash franc interest Japan a year, the income XX the the benchmark negative basis rise rate in benchmark. quarter. basis around Exceptions Most X held Reserve, segregated
interest loan average XX% our in by margin balances. average at remained The on than XX of While days. portfolio increase less rose XX% a duration
maximizing maintain been short-term With dollar yields by tight maturity longer significantly maturities. have between we on strategy rather focusing the higher to assets of liabilities. yield to accept we earn us relatively and allows lower the This U.S. curve continuing our a match inverted, be yields than what
has main interest upward. extremely quarter prior as first has net lending in on soundly is reasons: market X means trend looking in alone Securities past XX% demand in for as to XX% short U.S. and stock throughout strong not for the the the First, so nearly industry, the year strong shorting up been in overall fallen. fewer quarters market, the and stocks people put overall An are
fewer are is low some merger also market activity. rising weakness the the to fewer IPOs, market to names industry-wide, lending, acquisition including there because Second, overall in not drivers volatility but and only securities hard-to-borrow significantly less and of relevant sharply, due
securities lending year, collateral have Finally, noted securities means higher calls, of is securities additional previous were or segregated higher the our revenue prior more under been lending borrowed that $XX on we from cash rates loan, million more and with classified as on estimate year it -- interest we $XX periods earned average as accurately compare our versus what last if reported cash. To on interest interest would million.
the we on balances from currencies their balances, the new growth. customer and cash on account higher on higher Interest both in nearly rates customers pay all to rose our account, and credit interest
prior have on customers. rates the X.XX% dollar qualified cash many year rate consists in currently noted of balances Fully $XX.X customer driver this high the billion And pay in we U.S. significant the on we As assets, past, increased the times most about which quarter of is new balances sensitive customer a firm ago interest-earning interest $XX.X equity, XX% were of quarter. billion versus over year.
$XX the estimates XXXX, to balances benchmark given our a million effect interest income. estimate net and in rates, the our estimate this Note sometime rate interest-earning assets funds Now XX be annual basis of at starting and of for XX for reduction cuts X.XX% our Any of sheet changes would growth the that with this balance is point rate the a market that funds Fed impact reduce decrease in of March -- of point in as impact. date. Fed in expectations we in
in is About dollars. XX% of not cash balances U.S. our customer
into relevant rate So would for interest decreases million in estimates balances all of At reduce decrease $XX rates the the U.S. effect decrease annual This decrease rates basis those point benchmarks. of would a all about firm net interest million. net those current. equity. income takes XX We annual in of account by $XXX a high exclude change X% the our estimate rate by the customer benchmark non-USD full and each in benchmark level, sensitive income
ability of pretax our net while on with strong grow deliver reflecting another customer our to value margin quarter base raised conclusion, financial dividend started we year strength. In the our financially core and in scaling We revenues proposition in and continued our our to recognition customers the business.
continues Our the as possible expanding business as charge. business strategy minimizing offer brokered what be we while what and effective, automating we to much of
the it the over open up line that, turn With to I'll questions. and moderator, for we'll
