Financial services company The Charles Schwab Corporation (NYSE: SCHW) on Monday reported higher earnings and revenues for the third quarter of 2022. The results also exceeded Wall Street’s forecast.
Total revenues increased 20% year-over-year to $5.50 billion in the third quarter of fiscal 2022. The number also came in above Wall Street’s estimates.
Net profit, on an adjusted basis, moved up to $1.10 per share in the three-month period from $0.84 per share in the comparable quarter of last year. Unadjusted net income was $2.02 billion or $0.99 per share, compared to $1.53 billion or $0.74 per share in the year-ago quarter. Analysts had predicted slower growth.
Check this space to read management/analysts’ comments on Charles Schwab’s Q3 2022 results
“Schwab’s performance during the third quarter reflected the continued success of our “Through Clients’ Eyes” strategy and our contemporary full-service approach to helping clients achieve their financial goals. As we assisted investors with navigating persistent macroeconomic headwinds, we continued to drive robust business growth. Bolstered by record third quarter retail inflows, core net new assets equaled $115 billion for the period – a 7% annualized growth rate,” said Walt Bettinger, CEO of Charles Schwab.