Charles Schwab Posts Higher 2Q Profit, Revenue
July 18 2022 - 9:41AM
Dow Jones News
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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