All articles tagged with #client assets
Charles Schwab reported slightly better-than-expected Q2 earnings and revenue, with total client assets reaching a record $9.4 trillion. However, the firm's net interest revenue fell 6%, leading to a 7.2% drop in SCHW shares.
Charles Schwab's first-quarter revenue surpassed expectations, driven by a surge in asset management fees and record-high client assets, despite a 15% decline in overall profit due to higher interest expenses. The company's total client assets reached a record $9.1 trillion, with asset management and administration fees increasing by 21%. However, net interest revenue fell 19% as the company paid higher interest on deposits and borrowings, impacted by rate hikes from the U.S. Federal Reserve.
Charles Schwab Corp. reported $53 billion in core net new client assets in March, the second-highest for that month in the firm's history. The company's founder and CEO sought to calm investor concerns about its outlook after attention turned to unrealized losses in its financial statements.