Charles Schwab Posts Higher 4Q Profit, Revenue
January 18 2022 - 9:44AM
Dow Jones News
By Kimberly Chin
Charles Schwab Corp. said profit and revenue rose in the latest
quarter, though it fell shy of Wall Street's estimates, as
continued investor engagement in the markets and the ongoing
economic recovery helped lift assets.
The financial-services company said fourth-quarter earnings
before the payment of preferred dividends rose to $1.58 billion
from $1.14 billion in the same period last year. Per-share earnings
were 76 cents, up from 57 cents a year earlier.
Stripping out one-time items, Schwab's adjusted earnings were 86
cents a share. Analysts forecast adjusted earnings of 88 cents a
share.
Net revenue increased to $4.71 billion from $4.18 billion in the
year-ago quarter. Analysts targeted $4.79 billion in revenue.
Total net new assets were $134.6 billion. Schwab said it
generated core net new assets of $162.2 billion in the quarter,
finishing the year with $558.2 billion. Total client assets reached
$8.14 trillion at the year's end, a 22% increase over last
year.
Write to Kimberly Chin at kimberly.chin@wsj.com
(END) Dow Jones Newswires
January 18, 2022 09:29 ET (14:29 GMT)
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