ETrade Financial Corp. on Wednesday reported a drop in profits for the fourth quarter, but posted a big jump in earnings for the full year.

The New York-based financial services company said net income for the quarter ended Dec. 31 fell to $98.4 million, or 26 cents a share, compared with $107.5 million, or 27 cents a share, in the same period a year ago. Revenues, however, rose 10 percent to $409.5 million.

For the full year, ETrade reported a big boost in profits to $389.1 million, or $1.01 a share, from $203 million, or 55 cents a share, in 2003. Total assets and deposits in customer accounts increased 21 percent to a company record of $100.4 billion.

"Our record-breaking year continues to validate the strength of our model and underscores our commitment to passing on unique advantages to customers," Mitchell H. Caplan, chief executive of ETrade, said in a statement. "In 2005, we intend to deliver continued value to our customers and shareholders by enhancing our customer segmentation and increasing integration."