Charles Schwab Q1 Profit Declines - Quick Facts

(RTTNews) - The Charles Schwab Corp. (SCHW) reported that its first-quarter net income available to stockholders decreased to $291 million, or $0.22 per share, from $318 million, or $0.24 per share in the comparable quarter last year. On average, 20 analysts polled by Thomson Reuters expected the company to report profit per share of $0.24 for the quarter. Analysts' estimates typically exclude special items.

Total net revenues for the latest first quarter were $1.53 billion, up from $1.48 billion, a year ago, while 19 analysts had a consensus revenue estimate of $1.54 billion for the quarter.

CEO Walt Bettinger said, "Our strong client momentum continued in the first quarter of 2015, as our innovative, full-service model continued to resonate with investors. We gathered $34.2 billion of core net new assets during the first quarter, a 6% annualized organic growth rate. Net new assets from retail investors were the highest since the first quarter of 2008, totaling $12.5 billion, up 16% sequentially and 28% year-over-year. Clients have now entrusted us with assets totaling $2.52 trillion - 9% above the March 2014 level. In addition, clients opened 274,000 new brokerage accounts, up 6% year-over-year. As March ended, we were serving 9.5 million active brokerage accounts, 986,000 banking accounts, and 1.5 million retirement plan participants, up 3%, 6% and 10%, respectively, from year-earlier levels."