A man walks past a Charles Schwab Investment branch in Washington January 19, 2010.  REUTERS/Jim Young   (UNITED STATES - Tags: BUSINESS)

A man walks past a Charles Schwab Investment branch in Washington January 19, 2010. REUTERS/Jim Young (UNITED STATES - Tags: BUSINESS) (Reuters)

Charles Schwab 1Q Profit Declines on Lower Fees

By Features FOXBusiness

Charles Schwab (SCHW) revealed on Monday a 20% decline in first-quarter profit on weaker asset management fees, however revenue ticked higher on new client enrollments.

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The San Francisco-based online broker reported net income of $195 million, or 15 cents a share, compared with a year-earlier profit of $243 million, or 20 cents.

The latest results matched average analyst estimates in a Thomson Reuters poll.

Revenue for the three months ended March 31 was $1.19 billion, down from $1.21 billion a year ago, narrowly beating the Street’s view of $1.18 billion.

Revenue was boosted by the company’s highest client metrics since 2008. Clients opened 240,000 new brokerage accounts and new enrollments in its retail advisory offerings totaled $2.7 billion.

The company, one of the largest brokers in the nation, finished the quarter serving 8.6 million active brokerage accounts and 801,000 banking accounts.

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“The improved first quarter environment and our ongoing success in building stronger client relationships helped revenues grow 7% sequentially, with increases in all three major categories,” Charles Schwab CEO Walt Bettinger said in a statement.