Source: The Associated Press

Online brokerage TD Ameritrade posted a six per cent increase in its first-quarter profit because increased revenue from the asset-based fees it charges offset slightly slower trading activity.

The U.S. discount brokerage, partly owned by Canada’s TD Bank (TSX:TD), reported net income of US$145 million net income, or 25 cents per share, in the three months ended Dec. 31.

That’s up from last year’s US$136 million, or 23 cents per share.

Omaha, Neb.-based Ameritrade says revenue grew five per cent in the quarter to US$656 million as it attracted more investor assets. That’s up from US$625 million last year.

The average trades per day Ameritrade handled declined 2% to 372,000.

Analysts surveyed by Thomson Reuters expected quarterly earnings per share of 25 cents on revenue of US$647.8 million.

TD Bank (TSX:TD), which owns about 40% of Ameritrade, said that the brokerage is expected to contribute net income of C$48 million to the bank’s first quarter earnings for its wealth management division when it reports on March 3.