News Release

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

Unprecedented Client Engagement Included $148.2 Billion in Core Net New Assets,
3.2 Million New Brokerage Accounts and 8.4 Million Daily Average Trades, All Records

    WESTLAKE, Texas, April 15, 2021 –
The Charles Schwab Corporation announced today that its net income for the first quarter of 2021 was a record $1.5 billion, compared with $1.1 billion for the fourth quarter of 2020, and $795 million for the first quarter of 2020. 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 $273 million pre-tax for the first quarter of 2021.
Three Months Ended March 31,%
Financial Highlights20212020Change
Net revenues (in millions)$4,715 $2,617 80%
Net income (in millions)
GAAP$1,484 $795 87%
Adjusted (1)
$1,690 $827 104%
Diluted earnings per common share
GAAP$.73 $.58 26%
Adjusted (1)
$.84 $.61 38%
Pre-tax profit margin
GAAP41.6 %40.0 %
Adjusted (1)
47.4 %41.7 %
Return on average common
    stockholders’ equity (annualized)12 %14 %
Return on tangible
common equity (annualized) (1)
24 %16 %
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 GAAP reported results are included on pages 10-11 of this release.

CEO Walt Bettinger said, “The first three months of 2021 have in many ways been both the most successful and the most challenging in our history. As the U.S. economic recovery advanced, supported by expanding COVID-19 vaccine rollouts and government aid packages, the equity markets continued to climb, with the S&P 500® rising 78% between the pandemic-driven low in March 2020 and the end of this year’s first quarter. Interest rates began to lift as well, with the 10-year Treasury yield moving to 1.74% by quarter-end – its highest level since January 2020. This environment contributed to another rise in client engagement and activity beyond the record levels of late last year. As investors turned to Schwab for help in navigating current conditions, they opened 3.2 million new brokerage accounts – a level that exceeds our reported total for all of 2020, excluding the accounts we acquired as part of our recent M&A activity. At the same time, elevated interest in technology and other growth-oriented stocks, as well as heightened market attention to certain names via social media, significantly bolstered trading activity. Daily trades rose to an average of 8.4 million in the first three months of 2021, with a single day peak of 12.3 million. That

- 1 -

The following information was filed by Schwab Charles Corp (SCHW) on Thursday, April 15, 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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