TD Ameritrade reported a 29% jump in quarterly net income as the online brokerage handled a large number of trades and its asset-based revenue grew. Toronto-Dominion Bank has a 40% stake in the Omaha-based firm.

TD Ameritrade said it earned US$204.4 million, or 34¢ a share, in its third quarter. That’s up from US$158.7 million, or 26¢ share, a year ago.

TD Ameritrade said it handled an average of 298,000 trades per day during the quarter, 22% higher than during the same period a year ago. That helped boost the brokerage’s revenue to US$623.6 million.

In a statement released today, TD Bank said that it expects TD Ameritrade’s latest quarterly results to contribute $74 million to the bottom line at the bank’s wealth management division.

TD Bank will release its third-quarter earnings on August 28.