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Charles Schwab Q4'19 profit slips YOY; total client assets hit $4 trillion

Charles Schwab Corp. reported net income available to common stockholders of $801 million, or 62 cents per share, in the fourth quarter of 2019, down from $885 million, or 65 cents per share, in the year-ago period.

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

Schwab incurred $17 million in expenses associated with the pending USAA Investment Management Co. and TD Ameritrade Holding Corp. transactions in the quarter, which reduced EPS by 1 cent.

Schwab reported net revenues of $2.61 billion for the quarter, a 2% decrease from $2.67 billion in the year-ago period. Net interest revenue decreased year over year to $1.60 billion from $1.63 billion, while trading revenues dropped year over year to $86 million from $206 million. However, asset management and administration fees revenue posted a year-over-year increase to $845 million from $755 million.

Total expenses, excluding interest, ticked up year over year to $1.49 billion from $1.46 billion.

The company's total client assets at the end of the fourth quarter of 2019 stood at $4.039 trillion, up from $3.768 trillion in the previous quarter and $3.252 trillion in the year-ago period. CEO Walt Bettinger said in a news release that the company's primary businesses contributed to core net new assets of $211.7 billion, which represented a full-year organic growth rate of 7%.

Schwab reported net income available to common stockholders of $3.53 billion, or $2.67 per share, in 2019, an increase from $3.33 billion, or $2.45 per share, in the year-ago period. Total net revenues for 2019 increased year over year to $10.72 billion from $10.13 billion.

The S&P Global Market Intelligence consensus GAAP EPS estimate for the year was $2.70.