Charles Schwab Corp. (NYSE:SCHW) posted a 42% gain in first-quarter profit on higher fees from asset management and increased trading revenue.
Net income climbed to US$746mln, or US$0.55 a share, from US$525mln, or US$0.39, a year earlier, the company said in a statement. That beat Thomson Reuters’s estimates per share of US$0.53.
Asset management and administration fees rose 3% to US$851mln in the period, while trading revenue advanced 5% to US$201mln.
The shares gained 2.3% to US$52.20 at 9:51 a.m.