Schwab Q1 earnings jump 58% as trading activity, client assets rise

Charles Schwab (SCHW +2.8%) opens higher after reporting a 58% rise in Q1 profit, ahead of analyst expectations, due to a rise in trading commissions and fees for managing client assets.

CEO Walt Bettinger says SCHW executed an average of 553,600 trades per day during the quarter, up 11% Y/Y and the highest volume in its history; total client assets of $2.31T also is an all-time high.

Added $34.2B of net new assets during the quarter, a 6% annualized organic growth rate; new brokerage accounts increased by 258K, up 6% Y/Y.

Q1 asset management and administration fees rose 11% to $611M, while trading revenue also increased 11% to $247M.

Other discount brokers also are higher: AMTD +1.1%, ETFC +1.9%, LPLA +1.4%, IBKR +1%.

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