By Connor Hart
Charles Schwab Corp. said profits and revenue rose in the past quarter as customers remained engaged amid growing pressures on the U.S. economy.
The Westlake, Texas-based financial services company said second-quarter net income rose to $1.79 billion, or 87 cents per share, from $1.27 billion, or 59 cents per share. , at the same time last year.
Adjusted for items such as acquisition and integration costs, Schwab’s earnings were 97 cents per share. Analysts polled by FactSet had expected adjusted earnings of 91 cents per share.
Revenue rose 13% to $5.09 billion. Analysts forecast $5.03 billion in revenue, according to FactSet.
Net new assets totaled $43.4 billion, compared to $108.8 billion in the prior year quarter.
Chief executive Walt Bettinger said sustained customer engagement helped boost earnings, with daily trading volume averaging 6.2 million in the quarter, about 3% higher than previous year’s levels.
“Our second quarter financial results demonstrated the power of our all-weather model as we supported our customers in an increasingly challenging environment,” said Chief Financial Officer Peter Crawford.
Write to Connor Hart at [email protected]