Posted 4/15/2024, 4:00:48 PM
Schwab Q1 Revenue Beats Estimates Despite Lower Profit, Fueled by Asset Growth and Higher Fees
- Charles Schwab's Q1 revenue beat estimates, helped by higher asset management fees and record $9.1 trillion in client assets
- Profit was down 15% to $1.36B due to higher interest paid on client deposits and borrowings
- Added $96B in net new core client assets, including $45B in March
- Asset management and admin fees jumped 21% to $1.35B
- Net interest revenue fell 19% to $2.23B due to higher interest paid on deposits (1.35% vs 0.73% last year) and borrowings (5.27% vs 5.05%)
