SAN FRANCISCO (AP) — Charles Schwab Corp.'s first-quarter net income jumped nearly 61 percent as clients proved more eager to invest.
The financial services firm said that it averaged more than 550,000 total trades a day during the period that ended March 31, the highest quarterly volume in its history. And the company now has $2.31 trillion of client assets, a record high.
The company's Chief Financial Officer Joe Martinetto said recently that it is not really surprising to see investors willing to get back into the market, given gains in recent years. He noted that clients' cash and mutual fund investments are now back to pre-crisis levels.
Charles Schwab reported that its net income available to shareholders increased to $318 million, or 24 cents per share, for the quarter. That is up from $198 million, or 15 cents per share, in the same quarter last year. Its net revenue grew to $1.48 billion from $1.29 billion.
The quarter exceeded market expectations and shares jumped in trading. Analysts polled by FactSet were anticipating earnings of 22 cents per share on revenue of $1.47 billion.
Shares of the San Francisco-based firm were up 27 cents to $25.57 in afternoon trading Monday amid a broader market dip.