WASHINGTON (dpa-AFX) - Bank and brokerage firm The Charles Schwab Corp. (SCHW) on Thursday reported higher first-quarter earnings, helped by good growth across diversified revenue streams. The company's quarterly results came in above market expectations.
The company posted first-quarter net income of $1.38 billion or $0.73 per share, higher than $757 million or $0.58 per share in the prior-year period.
Adjusted net income soared 104 percent to $1.7 billion from $827 million in the same period last year. On a per share basis, adjusted earnings were up 38 percent to $0.84 from $0.61 in the comparable quarter a year ago.
On average, 17 analysts polled by Thomson Reuters expected the company to report earnings of $0.82 per share for the quarter. Analysts' estimates usually exclude one-time items.
Quarterly revenues climbed 80 percent to $4.71 billion from $2.62 billion in the corresponding period last year, while 13 analysts were looking for revenues of $4.6 billion in the period.
Commenting on the results, CFO Peter Crawford said, 'Schwab's strong financial performance in early 2021 reflects the power of our diversified revenue streams.'
The company's net interest revenues rose 22 percent to $1.91 billion from $1.57 billion in the previous-year period.
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