E*Trade Group Inc. reported today (Jan. 22) that Ganis Credit Corp., which E*Trade acquired late last year, already is adding to E*Trade’s value.
Ganis, a major source of loans to consumers buying RVs, boats and motorsports products, now is a unit of the E*Trade Bank subsidiary of E*Trade Group.
“With incremental acquisitions such as Ganis Credit Corp. and Engelman Securities (a broker-to-broker institutional trading business) and a steady focus on meeting the needs of different customer segments, we continue to position the company for further success in our brokerage, banking and lending businesses,” said Christos Cotsakos, chairman and CEO.
In its earnings report issued today, E*Trade states it had net earnings from ongoing operations of $52 million during the fourth quarter, more than double the $25 million in earned in the October-through-December portion of 2001. Its fourth-quarter sales revenue totaled $349 million, slightly above its $345 million in revenue a year earlier.