بروزرسانی: 10 اردیبهشت 1404
Charles Schwab Reports Asset Management Growth
Charles Schwab, the US brokerage firm, exceeded WallStreet\'s expectations in its third-quarter earnings report, highlighting robustgrowth in asset management business. The company\'s remarkable performance wasdriven by a surge in fees, leading to a 5.4% increase in its stock price,according to a report by Reuters.
Charles Schwab\'s impressive performance in the thirdquarter occurred at a time when the financial industry was grappling withchallenges. Schwab reported an increase of 17% in asset management and administration fees, totalling $1.22billion, during the period.
Charles Schwab\'s Chief Financial Officer, PeterCrawford, said: "During the quarter, our balance sheet managementcontinued to prioritize flexibility in support of our growing client base. Inlate August, we issued approximately $2.4 billion of senior notes across twotranches due in 2026 and 2034, further bolstering our diversified liquidity profile."
SCHW September core net new assets exceeded $27 billion: pic.twitter.com/pnts4zav2r
— Charles Schwab Corp (@CharlesSchwab) October 16, 2023
For the third quarter, Charles Schwab reported net revenue of $4.6 billion, reflecting a decrease of 16% compared to the same period last year. This figure slightly missed analysts\'average estimate of $4.63 billion, according to LSEG data, Reuters reported. Netinterest revenue was down 24% year-over-year to $2.2 billion, impacted byclient allocation decisions within a higher-interest-rate environment.
Rebounding with Impressive QuarterlyEarnings
Charles Schwab posted a profit of 77 cents per sharefor the third quarter, excluding one-time costs. This exceeded analysts\'expectations, who had predicted 74 cents per share, according to LSEG data.
Comparatively, Schwab reported a substantial decline of 27%in net income, amounting to $1.2 billion, in the second quarter,compared to the $1.8 billion reported in the same quarter of the previous year, Finance Magnates reported.
Revenue for the first half of the year also took ahit, declining by 9% to $2.9 billion. Despite these challenges, Charles Schwabwelcomed 1 million new brokerage accounts during the period, attributed in partto the growth in the asset management business.
Charles Schwab, the US brokerage firm, exceeded WallStreet\'s expectations in its third-quarter earnings report, highlighting robustgrowth in asset management business. The company\'s remarkable performance wasdriven by a surge in fees, leading to a 5.4% increase in its stock price,according to a report by Reuters.
Charles Schwab\'s impressive performance in the thirdquarter occurred at a time when the financial industry was grappling withchallenges. Schwab reported an increase of 17% in asset management and administration fees, totalling $1.22billion, during the period.
Charles Schwab\'s Chief Financial Officer, PeterCrawford, said: "During the quarter, our balance sheet managementcontinued to prioritize flexibility in support of our growing client base. Inlate August, we issued approximately $2.4 billion of senior notes across twotranches due in 2026 and 2034, further bolstering our diversified liquidity profile."
SCHW September core net new assets exceeded $27 billion: pic.twitter.com/pnts4zav2r
— Charles Schwab Corp (@CharlesSchwab) October 16, 2023
For the third quarter, Charles Schwab reported net revenue of $4.6 billion, reflecting a decrease of 16% compared to the same period last year. This figure slightly missed analysts\'average estimate of $4.63 billion, according to LSEG data, Reuters reported. Netinterest revenue was down 24% year-over-year to $2.2 billion, impacted byclient allocation decisions within a higher-interest-rate environment.
Rebounding with Impressive QuarterlyEarnings
Charles Schwab posted a profit of 77 cents per sharefor the third quarter, excluding one-time costs. This exceeded analysts\'expectations, who had predicted 74 cents per share, according to LSEG data.
Comparatively, Schwab reported a substantial decline of 27%in net income, amounting to $1.2 billion, in the second quarter,compared to the $1.8 billion reported in the same quarter of the previous year, Finance Magnates reported.
Revenue for the first half of the year also took ahit, declining by 9% to $2.9 billion. Despite these challenges, Charles Schwabwelcomed 1 million new brokerage accounts during the period, attributed in partto the growth in the asset management business.
منبع: https://www.financemagnates.com//forex/charles-schwabs-asset-management-growth-propels-quarterly-revenue-to-a-16-surge/