Charles Schwab's Q1 Update: Strong Growth Despite Market Challenges.
Charles Schwab reported Q1 earnings that exceeded Wall Street's expectations, with net income of $1.60 billion and 1.2 million new brokerage clients. The bank highlighted its key initiatives, including scale and efficiency, personalized investment, and client segmentation. Charles Schwab's priorities for the rest of the year include continued business growth, long-term revenue growth, and thoughtful expense management. The bank expects net interest margins to increase by Q4 2023 and deposit rates to track in-line with prior cycles. The bank will pause its active buyback program due to regulatory uncertainty in the U.S. banking sector.