SCHW Charles Schwab Corporation

By Connor Hart

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

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 connor.hart@wsj.com

(END) Dow Jones Newswires

July 18, 2022 09:26 ET (13:26 GMT)

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