Charles Schwab Profit Climbs on New Accounts
19 January 2017 - 1:55AM
Dow Jones News
By Ezequiel Minaya
Charles Schwab Corp. said more clients opening new accounts
during the fourth quarter helped boost its profit 25%.
The San Francisco-based discount brokerage said about 32,000
clients held financial planning conversations during the period, up
10% from a year earlier. New retail brokerage accounts tallied
182,000 during the quarter, up 21%.
In all, Schwab posted a profit of $522 million, up from $416
million a year prior. On a per-share basis, earnings grew to 36
cents from 28 cents.
Revenue rose 17% to $1.97 billion. Analysts surveyed by Thomson
Reuters had anticipated earnings of 36 cents a share on revenue of
$1.99 billion.
Net interest revenue, which gauges the difference between
interest earned on assets and interest paid out on deposits,
climbed 31% to $907 million. Asset management and administration
fees rose 19% to $801 million. Trading revenue fell 3% to $202
million.
Shares were roughly flat premarket.
Write to Ezequiel Minaya at ezequiel.minaya@wsj.com
(END) Dow Jones Newswires
January 18, 2017 09:40 ET (14:40 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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