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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