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Charles Schwab net income rises 61% YOY

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Charles Schwab net income rises 61% YOY

Charles Schwab Corp. reported fourth-quarter 2018 net income available to common stockholders of $885 million, or 65 cents per share, up from $550 million, or 41 cents per share, in the 2017 fourth quarter.

The S&P Global Market Intelligence consensus GAAP EPS estimate for the quarter was 64 cents.

Total net revenues for the quarter increased year over year to $2.67 billion, from $2.24 billion in the year-ago period. Asset management and administration fees declined to $755 million from $863 million a year ago. Net interest revenue grew to $1.63 billion in the most recent quarter from $1.15 billion in the 2017 fourth quarter. Trading revenue was up year over year to $206 million from $154 million.

Total client assets at the end of the fourth quarter were $3.252 trillion, compared to $3.563 trillion at the end of the previous quarter and $3.362 trillion at the end of the fourth quarter of 2017.

For full year 2018, the company reported net income available to common stockholders of $3.33 billion, or $2.45 per share, compared to $2.18 billion, or $1.61 per share, in 2017.