By Allison Prang
Earnings rose at Charles Schwab Corp. (SCHW) from the comparable quarter a year prior as revenue rose by a double-digit percentage and climbed substantially more than expenses.
The company's profit rose 23% in the first quarter to $964 million, or 69 cents a share. Analysts polled by Refinitiv were expecting earnings of 65 cents a share.
Total net revenue rose 14% to $2.72 billion. Analysts were expecting $2.68 billion.
Total expenses excluding interest rose 4.5%.
Total net new assets were $51.7 billion. A year earlier, the company had $18.8 billion in asset outflows. Total client assets rose 8.5% from the comparable quarter a year prior to $3.59 trillion.
Clients' daily average trades fell 4.3% from the comparable quarter a year prior to 777,000. Compared with the last quarter of 2018, they fell 10%
Average revenue per revenue trade was $7.19, down from $7.24 for the comparable quarter a year prior. In the fourth quarter, average revenue per revenue trade was $7.13.
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