Schwab Sees Revenue Spike 80% in 1Q

By Allison Prang

Charles Schwab Corp.'s top line jumped 80% while the company added more than three million new brokerage accounts in the first quarter.

Schwab's net income increased to $1.48 billion, higher than a year earlier when it was $795 million. Earnings were 73 cents a share, above 58 cents a share a year earlier. Adjusted earnings were 84 cents a share. According to FactSet, analysts were expecting 82 cents a share.

Net revenue rose 80% to $4.72 billion. Analysts were expecting $4.62 billion. Trading revenue jumped from $188 million a year earlier to $1.22 billion.

Schwab reported 3.2 million new brokerage accounts for the quarter which Chief Executive Walt Bettinger said in prepared remarks "exceeds our reported total for all of 2020, excluding the accounts we acquired as part of our recent M&A activity."

The company also reported average daily trades of 8.4 million.

Core net new assets were $148.2 billion, Schwab said. Mr. Bettinger said those more than doubled from a year ago and rose 24% from the fourth quarter.

Write to Allison Prang at allison.prang@wsj.com

(END) Dow Jones Newswires

April 15, 2021 09:17 ET (13:17 GMT)

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