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Charles Schwab revenue advances 21% to $7.07 billion
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Charles Schwab revenue advances 21% to $7.07 billion

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  • Charles Schwab reported record Q2 net revenue of $7.07 billion, up 21% year over year.
  • Adjusted EPS rose 42% to $1.62, exceeding the $1.55 analyst estimate.
  • Client assets reached $13.08 trillion as trading, wealth-management and lending activity increased.

Charles Schwab (NYSE:SCHW) reported record Q2 net revenue of $7.07 billion, up 21%, while net income increased 32% to $2.8 billion.

Revenue exceeded the $6.90 billion analyst estimate, while adjusted EPS of $1.62 surpassed the $1.55 estimate and rose from $1.14 last year.

Charles Schwab repurchased 11.2 million shares for $1 billion, while its net interest margin increased to 3.00%.

Following the announcement, Charles Schwab's share price was down 1.2% at $101.27.

Clients added $119.8 billion in core net new assets, opened 1.4 million brokerage accounts and completed a record 11.9 million daily average trades.

Charles Schwab also launched direct Bitcoin and Ethereum trading and introduced Portfolio Insights while bank loan balances increased 33% to $67.0 billion.

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