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Schwab's 1Q Profits Soar 58%, Top Views

Charles Schwab (NASDAQ:SCHW) beat the Street on Tuesday with a 58% leap in fiscal first-quarter earnings as the discount brokerage capitalized on record levels of trading and client assets.Shares of the San Francisco-based company rallied about 3% on the stronger-than-expected results.Schwab said it earned $326 million, or 24 cents per share, last quarter, compared with a profit of $206 million, or 15 cents a share, a year earlier. Analysts had been modeling for EPS of 22 cents.Revenue rose 15% to $1.48 billion, compared with the Street's view of $1.47 billion."Higher levels of client trading activity, balances in fee-based products and services, and cash held at Schwab as part of investing relationships all contributed to the 15% year-over-year increase in revenue we achieved for the first quarter," Schwab CEO Walt Bettinger said in a statement.Schwab said it added $34.2 billion of net new assets during the quarter, representing a 6% annualized organic growth rate. New brokerage accou...

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