Charles Schwab Reports Strong Quarterly Earnings

Charles Schwab Reports Record Quarterly Earnings Amid Market Rally

San Francisco, CA – October 25, 2023

Charles Schwab Corporation (NYSE: SCHW) announced record-breaking quarterly earnings today, surpassing analyst expectations as a resurgence in retail investing and higher interest rates boosted revenue.

The financial services giant reported a net income of
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1.8billionforQ32023,up225.2 billion, driven by strong growth in asset management fees and net interest income.

'We’re seeing renewed confidence among investors, with both new and existing clients actively engaging in the markets,' said CEO Walt Bettinger. 'Our diversified business model continues to deliver value, even in a dynamic economic environment.'

The company also reported a 7% increase in client assets, reaching a staggering $8.2 trillion, as more retail traders and advisors turned to Schwab’s platform. The recent integration of TD Ameritrade—completed earlier this year—has further solidified Schwab’s position as a leader in the brokerage industry.

Despite concerns over inflation and geopolitical uncertainty, Schwab’s stock rose 5% in pre-market trading following the earnings release. Analysts at Morgan Stanley and Goldman Sachs have since upgraded their price targets, citing Schwab’s resilient business strategy.

Looking ahead, Bettinger emphasized the company’s focus on technology enhancements and AI-driven tools to improve client experience. 'We’re investing heavily in innovation to ensure we remain at the forefront of financial services,' he said.

Investors will be watching closely to see if Schwab can maintain its momentum in the final quarter of the year.

— By [Your Name], Financial Times Correspondent

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