Charles Schwab Posts Higher 2Q Profit, Revenue

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By Connor Hart

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Charles Schwab Corp. said profit and revenue increased in the latest quarter, as clients remained engaged amid rising pressures on the US economy.

The Westlake, Texas-based financial-services company said second-quarter net income rose to $1.79 billion, or 87 cents a share, from $1.27 billion, or 59 cents a share, in the same period last year.

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Adjusted for items such as acquisition and integration costs, Schwab’s earnings were 97 cents a share. Analysts polled by FactSet expected adjusted earnings of 91 cents a share.

Revenue rose 13% to $5.09 billion. Analysts forecast $5.03 billion in revenue, according to FactSet.

Net new assets totaled $43.4 billion, compared with $108.8 billion in the year-ago quarter.

Chief Executive Walt Bettinger said sustained client engagement helped bolster earnings, with daily trading volume averaging 6.2 million in the quarter, about 3% above year-earlier levels.

“Our second quarter financial results demonstrated the power of our all-weather model as we supported our clients through an increasingly challenging environment,” Chief Financial Officer Peter Crawford said.

Write to Connor Hart at [email protected]

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Credit: www.marketwatch.com /

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