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Charles Schwab 1Q profit rises 42% on higher asset-management fees, trading revenue

The firm's profit beat estimates for earnings per share
Stock exchange trading floor
The shares advanced 2.3% on the earnings report

Charles Schwab Corp. (NYSE:SCHW) posted a 42% gain in first-quarter profit on higher fees from asset management and increased trading revenue.

Net income climbed to US$746mln, or US$0.55 a share, from US$525mln, or US$0.39, a year earlier, the company said in a statement. That beat Thomson Reuters’s estimates per share of US$0.53.

Asset management and administration fees rose 3% to US$851mln in the period, while trading revenue advanced 5% to US$201mln.

The shares gained 2.3% to US$52.20 at 9:51 a.m.

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Charles Schwab Timeline

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October 15 2012
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April 16 2012

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