Charles Schwab Adds Most Accounts in Quarter in Past 18 Years -- Earnings Review
16 April 2018 - 11:54PM
Dow Jones News
By Allison Prang
Charles Schwab Corp. (SCHW) released its financial results for
its first quarter before the market opened Monday. Here's what you
need to know.
PROFIT: The company made $783 million, or 55 cents a share, up
39% from the $564 million, or 39 cents a share, it made in the same
quarter a year ago. Analysts were expecting earnings of 54 cents a
share.
REVENUE: Total net revenue increased 15% to $2.4 billion.
Analysts were expecting revenue of $2.38 billion. Net interest
revenue rose 26% to $1.26 billion. The company's net interest
margin rose to 2.12% from 1.87% the same time a year ago.
EXPENSES: Expenses, excluding interest, rose 13% to $1.4
billion.
COMMENTARY: Chief Executive Walt Bettinger said in prepared
remarks that the company had 443,000 new accounts, the most it has
accumulated in a quarter in the last 18 years. The company had
$3.31 trillion in client assets at quarter's end, an increase of
13% from a year ago, he said.
Shares rose 1.9% premarket and have risen 36% in the past year.
Year to date, they've fallen 0.6%.
Write to Allison Prang at allison.prang@wsj.com
(END) Dow Jones Newswires
April 16, 2018 09:39 ET (13:39 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
Charles Schwab (NYSE:SCHW)
Historical Stock Chart
From Mar 2024 to Apr 2024
Charles Schwab (NYSE:SCHW)
Historical Stock Chart
From Apr 2023 to Apr 2024
