Charles Schwab's profit rises

Reuters

SAN FRANCISCO (Reuters) - Charles Schwab Corp <SCHW.N>, the biggest U.S. discount brokerage, on Friday posted slightly higher-than-forecast profit as higher stock markets led to increased trading and fees.

Net income for the first quarter was $243 million, or 20 cents per share, compared with $6 million, or nil per share, in the year-earlier quarter, when a legal settlement nearly wiped out earnings.

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Revenue at the San Francisco-based company rose to $1.21 billion from $978 million.

(Reporting by Philipp Gollner, editing by Gerald E. McCormick)