Schwab Q2 Profit Surges 32% on Record Trading Volumes, Beating Estimates
SCHW sits 18% above its 52-week low of $83.96.
Summary
Schwab posted Q2 net income of $2.8 billion, up 32% year-over-year, with adjusted EPS of $1.54 beating the $1.49 consensus. Revenue hit a record $7.1 billion, driven by a 28% jump in trading revenue as daily average trades reached an all-time high of 11.9 million. Net interest income rose 19% to $3.4 billion, and total client assets grew 22% to $13.1 trillion. This follows the company's raised full-year revenue outlook in May and a series of capital actions including a $2.25 billion debt offering. The results underscore Schwab's leverage to elevated retail trading activity and expanding client balances.
At the time of this announcement, SCHW was trading at $99.46 on NYSE in the Finance sector, with a market capitalization of approximately $178.3B. The 52-week trading range was $83.96 to $107.50. This news item was assessed with positive market sentiment and an importance score of 8 out of 10. Source: Dow Jones Newswires.