MEDIA: Mayura Hooper Charles Schwab Phone: 415-667-1525
INVESTORS/ANALYSTS: Rich Fowler Charles Schwab Phone: 415-667-1841
SCHWAB REPORTS RECORD QUARTERLY NET INCOME OF $964 MILLION, UP 23%
Revenues Grow 14% Year-Over-Year to $2.7 Billion, Marking Fifteen Consecutive Record Quarters
Core Net New Assets Total $51.7 Billion and Total Client Assets Reach a Record $3.59 Trillion
SAN FRANCISCO, April 15, 2019 – The Charles Schwab Corporation announced today that its net income for the first quarter of 2019 was a record $964 million, up 3% from $935 million for the prior quarter, and up 23% from $783 million for the first quarter of 2018.
Three Months Ended March 31,
Net revenues (in millions)
Net income (in millions)
Diluted earnings per common share
Pre-tax profit margin
Return on average common
stockholders’ equity (annualized)
Note: All per-share results are rounded to the nearest cent, based on weighted-average diluted common shares outstanding.
CEO Walt Bettinger said, “Over the past quarter, our Virtuous Cycle, driven by our “Through Clients’ Eyes” strategy, continued to attract client accounts and assets at a robust pace. The equity markets gathered momentum during the quarter, with the S&P 500 rising 21% from the December correction and posting its best first quarter since 1998. At the same time, investors faced a mixed geopolitical and economic landscape, including international trade negotiations, the evolving Brexit debate, and a potential slowing in Fed rate hikes. While we believe that this environment impacted investor sentiment and activity, demand for help and support from Schwab remained strong. New brokerage accounts totaled 386,000 during the quarter and client account openings have now exceeded 100,000 for 28 consecutive months. In addition, clients entrusted us with total core net new assets of $51.7 billion for the quarter, representing a 6% annualized growth rate, consistent with our long-term average and a noteworthy start to 2019, particularly given the unsettled environment. Total client assets reached a record $3.59 trillion at month-end March, up 8% year-over-year.”
“We remain steadfast in our ‘no-trade offs’ approach to serving clients, diligently seeking to offer straightforward and transparent products and services that provide investors with greater choice and value,” Mr. Bettinger continued. “Recently, we marked the sixth anniversary of Schwab ETF OneSourceTM, already one of the largest commission-free exchange-traded fund programs in the industry, by doubling its lineup to 500 ETFs covering 79 Morningstar® categories. Client assets held in program ETFs have grown at a compound annual rate of approximately 50% since inception, reaching $180.9 billion at quarter end. In addition, as part of our ongoing efforts to provide clients with the help and advice needed to pursue their investing goals, we recently replaced Schwab Intelligent AdvisoryTM with Schwab Intelligent Portfolios PremiumTM. This solution combines automated investing with guidance from a certified planning
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The following information was filed by Schwab Charles Corp (SCHW) on Monday, April 15, 2019 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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Ticker: SCHW CIK: 316709 Form Type:10-Q Quarterly Report Accession Number: 0000316709-19-000017 Submitted to the SEC: Wed May 08 2019 1:13:43 PM EST Accepted by the SEC: Wed May 08 2019 Period: Sunday, March 31, 2019 Industry: Security Brokers Dealers And Flotation Companies