Charles Schwab Q1 earnings beat Street estimates

on Apr 15, 2024
  • 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.

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Charles Schwab Corporation (NYSE: SCHW) is in the green in premarket after reporting slightly better-than-expected financial results for its first quarter.

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Why else is Charles Schwab stock up?

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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:

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

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  • 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.

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