SAN FRANCISCO (AP) — Charles Schwab's fourth-quarter net income climbed 57 percent, bolstered in part by higher trading revenue and interest revenue.
Its earnings topped analysts' estimates.
The San Francisco company's net income available to common stockholders climbed to $297 million, or 23 cents per share, for the three months ended Dec. 31. That's up from $189 million, or 15 cents per share, a year ago.
Revenue rose 18 percent to $1.44 billion from $1.22 billion.
Analysts, on average, expected earnings of 21 cents per share on revenue of $1.4 billion.
Interest revenue climbed to $532 million from $433 million, while trading revenue rose to $231 million from $202 million.
In the investor services segment, net new retail brokerage accounts jumped to about 34,000, well above the 4,000 in the prior-year period.
Full-year net income available to common stockholders rose to $1.01 billion, or 78 cents per share, from $883 million, or 69 cents per share, in the prior year. Annual revenue increased 12 percent to $5.44 billion from $4.88 billion.
Charles Schwab Corp. said that active brokerage accounts rose 3 percent to 9.1 million and banking accounts increased 6 percent to 916,000.
Shares of the company added 42 cents, or 1.6 percent, to $26.45 in morning trading after trading as high as $26.79, its highest level in more than 14 years, according to FactSet.