NEW YORK (AP) _ E-Trade Financial Corp. (ETFC) on Thursday reported first-quarter net income of $40 million.

The bank, based in New York, said it had earnings of 14 cents per share. Earnings, adjusted to extinguish debt, were 29 cents per share.

The results surpassed Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of 21 cents per share.

The online brokerage posted revenue of $456 million in the period, which also beat Street forecasts. Four analysts surveyed by Zacks expected $450.3 million.

E-Trade shares have increased 16 percent since the beginning of the year, while the Standard & Poor's 500 index has increased nearly 3 percent. In the final minutes of trading on Thursday, shares hit $28.19, an increase of 31 percent in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on ETFC at http://www.zacks.com/ap/ETFC

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Keywords: E-Trade, Earnings Report