E*Trade Group, the electronic brokerage, has defied the market downturn by recording its eighth consecutive quarter of profitability for the three months to June 30.

The group reported net income of $38.8m (€38.6m) on revenue of $316m. In the same period last year, net income was $5.4m on revenue of $308m. Net income per share was $0.11, compared with $0.02 a year ago.