By Hannah Erin Lang
Quarterly profit surged 40% at Charles Schwab, helped by customers rushing to place trades in the first few months of the year.
Banks and brokerages have been minting money as investors scramble to adjust their portfolios in response to tariff-fueled market swings. Higher volumes pushed Schwab's trading revenue up 11% from a year earlier.
Here are the highlights of its first-quarter earnings:
-- Net income rose to $1.91 billion, up two-fifths from a year earlier.
-- Excluding one-offs, Schwab earned $1.04 a share-beating consensus forecasts by about 3 cents, according to FactSet.
-- Revenue rose 18% to $5.6 billion.
-- Net interest income-the difference between what the bank earns on securities and loans and what it pays out on deposits and other debt-makes up the largest portion of Schwab's revenue. It increased 21% to $2.71 billion from a year ago.
-- Schwab ended the quarter with $246.2 billion of deposits, down 9% from a year earlier.
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April 17, 2025 08:10 ET (12:10 GMT)
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