Charles Schwab Corp. (The) (NYSE:SCHW)
Historical Stock Chart
6 Months : From Jan 2018 to Jul 2018
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 email@example.com
(END) Dow Jones Newswires
April 16, 2018 09:39 ET (13:39 GMT)
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