Charles Schwab Q1 earnings beat Street estimates
- Charles Schwab reported its financial results for the first quarter today.
- Here's what its CEO Walt Bettinger said in a press release on Monday.
- $SCHW is currently up close to 15% versus its year-to-date low.
Charles Schwab Corporation (NYSE: SCHW) is in the green in premarket after reporting slightly better-than-expected financial results for its first quarter.
Why else is Charles Schwab stock up?
Copy link to sectionThe stock is keeping resilient also because the financial services behemoth reported a 6.0% annualised growth in core net new assets to over $45 billion in March alone.
Charles Schwab also saw a 2.0% year-over-year decline in total expenses in Q1. Walt Bettinger – its chief executive said in a press release today:
Momentum across wealth solutions continued through Q1. Led by record flows into our premier fee-based solution, Schwab Wealth Advisory, net inflows increased 60% versus the prior year period.
The New York listed firm ended the quarter with its adjusted Tier 1 Leverage ratio above 5.0%. $SCHW that currently pays a dividend yield of 1.43% is up close to 15% versus its year-to-date low at writing.
Notable figures in Charles Schwab Q1 earnings release
Copy link to section- Earned $1.36 billion versus the year-ago $1.60 billion
- Per-share earnings also declined from 83 cents to 68 cents
- Adjusted EPS printed at 74 cents as per the earnings report
- Revenue slipped 7.0% year-over-year to $4.74 billion
- Consensus was 73 cents a share on $4.72 billion in revenue
Charles Schwab expanded its pre-tax profit margin by a whopping 500 basis points in its first fiscal quarter. CEO Bettinger also said on Monday:
Against an improved macroeconomic backdrop, clients entrusted us with $96 billion in core net new asset. Solid investor engagement contributed to over 1 million new brokerage account openings.
