Shares of Charles Schwab Corp. $(SCHW)$ gained 0.3% in premarket trading Monday, after the financial services and brokerage company reported first-quarter profit and revenue that fell, but just topped expectations, amid strength in its asset management business. Net income declined to $1.36 billion, or 68 cents a share, from $1.60 billion, or 83 cents a share, in the same period a year ago. Excluding nonrecurring items, adjusted earnings per share of 74 cents beat the FactSet consensus of 73 cents. Revenue declined 7.3% to $4.74 billion, just above the FactSet consensus of $4.71 billion. Net interest revenue was down 19.4% to $2.23 billion to top the FactSet consensus of $2.22 billion, while asset management and administration fees increased 20.6% to $1.35 billion to beat expectations of $1.31 billion and trading revenue declined 8.4% to $817 million to miss expectations of $824.8 million. Core net new assets totaled $95.6 billion in the quarter, including $45 billion in March. The stock has edged up 1.8% year to date through Friday, while the Financial Select Sector SPDR ETF $(XLF)$ has gained 6.5% and the S&P 500 has advanced 7.4%.
-Tomi Kilgore
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April 15, 2024 08:12 ET (12:12 GMT)
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