New brokerage accounts totaled 386,000 during the quarter. Net new assets grew 6% annually to $51.7 billion. Total client assets reached a record $3.59 trillion at March-end March, up 8% year-over-year.
Net interest revenue grew 33% to $1.7 billion in the recently ended quarter. Net interest margin expanded to 2.46%, up from 2.12% a year earlier, following the Fed’s four rate hikes in 2018. Trading revenue declined by 8% to $185 million as the client trading activity was below last year’s pace.
Other online brokerage firms namely, Interactive Active Brokers (IBKR), E*trade Financial (ETFC) and TD Ameritrade (AMTD) are set to report their quarterly earnings on Tuesday, Wednesday and April 23, respectively. After the market opened today, SCHW stock pared its pre-market gains. Stocks of IBKR, ETFC and AMTD were up modestly when the market opened today.
Shares of Charles Schwab had gained 9% since the beginning of 2019 and had lost 12% in the past 12 months period.
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