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UPDATE 1-Charles Schwab's profit beats estimates as commissions rise
April 15, 2014 / 1:30 PM / 4 years ago

UPDATE 1-Charles Schwab's profit beats estimates as commissions rise

* First-quarter profit $0.24/share vs est. $0.22

* Revenue up 15 pct at $1.48 bln

* Shares up 5 pct premarket (Adds details, shares)

April 15 (Reuters) - Discount broker Charles Schwab Corp reported a higher-than-expected quarterly profit due to a rise in trading commissions and fees for managing client assets.

Net income available to common stockholders rose to $318 million, or 24 cents per share, in the first quarter ended March 31 from $198 million, or 15 cents per share, a year earlier.

Schwab’s revenue jumped 15 percent to $1.48 billion.

Analysts on average had expected earnings of 22 cents per share on revenue of $1.47 billion, according to Thomson Reuters I/B/E/S.

Schwab’s asset management and administration fees rose 11 percent to $611 million, while trading revenue also increased 11 percent to $247 million.

The company’s customer daily trading volume rose 11 percent to an average 553,600 trades.

Schwab’s shares were up 5 percent at $26.50 before the bell. (Reporting by Neha Dimri in Bangalore; Editing by Joyjeet Das and Kirti Pandey)

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