Charles Schwab Q1 earnings beat Street estimates

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?

The 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:

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

• 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: