News Release

Mayura Hooper
Charles Schwab
Phone: 415-667-1525
Jeff Edwards
Charles Schwab
Phone: 415-667-1524

Core Net New Assets Rise 33% to a Record $281.9 Billion for the Year, Including $61.7 Billion in December
Total Client Assets Reach a Record $6.69 Trillion at Year-End, Up 66%

    WESTLAKE, Texas, January 19, 2021
– The Charles Schwab Corporation announced today that its net income for the fourth quarter of 2020 was $1.1 billion, compared with $698 million for the third quarter of 2020, and $852 million for the fourth quarter of 2019. Net income for the twelve months ended December 31, 2020 was $3.3 billion, compared with $3.7 billion for the year-earlier period. The company’s financial results include TD Ameritrade from closing on October 6, 2020 forward, as well as certain acquisition and integration-related costs and the amortization of acquired intangibles. Together these transaction-related expenses totaled $429 million and $632 million on a pre-tax basis, for the fourth quarter and full-year 2020, respectively.

Beginning with the second quarter of 2020, the company’s financial presentations include references to adjusted measures of expenses, net income, diluted earnings per common share, and pre-tax profit margin, as well as return on tangible common equity (ROTCE), which are intended to help investors evaluate Schwab’s operating performance as well as facilitate a meaningful comparison of our current results to both historic and future periods.
Three Months Ended December 31,%Twelve Months Ended December 31,%
Financial Highlights20202019Change20202019Change
Net revenues (in millions)$4,176 $2,606 60%$11,691 $10,721 9%
Net income (in millions)
GAAP$1,135 $852 33%$3,299 $3,704 (11)%
Adjusted (1)
$1,459 $871 68%$3,777 $3,744 1%
Diluted earnings per common share
GAAP$.57 $.62 (8)%$2.12 $2.67 (21)%
Adjusted (1)
$.74 $.63 17%$2.45 $2.70 (9)%
Pre-tax profit margin
GAAP35.3 %42.7 %36.8 %45.2 %
Adjusted (1)
45.6 %43.6 %42.2 %45.7 %
Return on average common
    stockholders’ equity (annualized)11 %17 %%19 %
Return on tangible
common equity (annualized) (1)
21 %19 %15 %21 %
Note: All per-share results are rounded to the nearest cent, based on weighted-average diluted common shares outstanding.
(1) Further details on non-GAAP financial measures and a reconciliation of such measures to reported results are included on pages 11-12 of this release.
- 1 -

The following information was filed by Schwab Charles Corp (SCHW) on Tuesday, January 19, 2021 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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