Profits dip at Charles Schwab

City A.M. Reporter
ONLINE broker Charles Schwab posted a slightly worse-than-expected seven per cent fall in quarterly profit yesterday as expenses rose.

The San Francisco-based company’s net profit fell to $256m (£169.6m), or 18 cents per share, in the second quarter, from $275m, or 20 cents per share, a year earlier.

Revenue rose four per cent to $1.34bn. The company attracted $22.6bn of net new assets during the quarter, compared to $43bn in the first quarter.

Trading revenue, which once represented about 60 per cent of total revenue, rose seven per cent to $235m, representing about 18 per cent of revenue.