Charles Schwab Profit, Revenue Rise
April 15 2019 - 9:48AM
Dow Jones News
By Allison Prang
Earnings rose at Charles Schwab Corp. (SCHW) from the comparable
quarter a year prior as revenue rose by a double-digit percentage
and climbed substantially more than expenses.
The company's profit rose 23% in the first quarter to $964
million, or 69 cents a share. Analysts polled by Refinitiv were
expecting earnings of 65 cents a share.
Total net revenue rose 14% to $2.72 billion. Analysts were
expecting $2.68 billion.
Total expenses excluding interest rose 4.5%.
Total net new assets were $51.7 billion. A year earlier, the
company had $18.8 billion in asset outflows. Total client assets
rose 8.5% from the comparable quarter a year prior to $3.59
trillion.
Clients' daily average trades fell 4.3% from the comparable
quarter a year prior to 777,000. Compared with the last quarter of
2018, they fell 10%
Average revenue per revenue trade was $7.19, down from $7.24 for
the comparable quarter a year prior. In the fourth quarter, average
revenue per revenue trade was $7.13.
Write to Allison Prang at allison.prang@wsj.com
(END) Dow Jones Newswires
April 15, 2019 09:33 ET (13:33 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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