Charles Schwab Q4 Profit Rises 26%, But Results Miss Estimates
(RTTNews) - Financial services firm Charles Schwab Corp. (SCHW) reported Wednesday a profit for the fourth quarter that increased 26 percent from last year, reflecting 17 percent revenue growth aided by 41 percent rise in net interest revenue. Both earnings per share and quarterly revenues missed analysts' estimates.
For the fourth quarter, net income available to common shareholders increased to $1.97 billion or $0.97 per share from $1.58 billion or $0.76 per share in the year-ago quarter.
Excluding items, adjusted earnings for the quarter were $1.07 per share, compared to $0.86 per share in the prior-year quarter.
On average, 17 analysts polled by Thomson Reuters expected the company to report earnings of $1.09 per share for the quarter. Analysts' estimates typically exclude special items.
Net revenues for the quarter grew 17 percent to $5.50 billion from $4.71 billion in the same quarter last year. Analysts expected revenues of $5.56 billion for the quarter.
Net interest revenue increased 41 percent to $3.03 billion from $2.14 billion and Bank deposits account fees improved 15 percent to $350 million from $304 million last year.
Meanwhile, Asset management and administration fees were down 5 percent to $1.05 billion from $1.11 billion and Trading revenue declined 12 percent to $895 million from $1.02 billion a year ago.
Total client assets declined 13 percent to $7.05 trillion from $8.14 trillion in the year-ago quarter and total new assets also decreased 5 percent to $128.4 trillion from $134.6 trillion last year.
New brokerage accounts during the quarter was 0.93 million, down 25 percent from $1.32 billion in the prior-year quarter.
For more earnings news, earnings calendar, and earnings for stocks, visit rttnews.com
Charles Schwab Q3 Profit Rises 32%; Results Top Estimates
Australian Market Extends Early Gains In Mid-market
Asian Markets A Sea Of Green
Indian Markets Closed For Diwali Balipratipada
Thai Stock Market Has Strong Lead For Tuesday
Japanese Market Sharply Higher
Win Streak May Continue For Indonesia Stock Market
