NEW YORK (AP) - The Charles Schwab Corp. on Monday reported a 28 percent surge in its second-quarter profit on revenue gains from new accounts.
The San Francisco-based company earned $452 million, or 30 cents per share, while revenue jumped 17 percent to $1.83 billion. The results met Wall Street expectations.
The average estimate of nine analysts surveyed by Zacks Investment Research was for earnings of 30 cents per share, while seven analysts expected $1.8 billion in revenue.
During the quarter, the company added 271,000 brokerage accounts, a 4 percent boost. The company ended June with 10 million accounts.
The financial services firm also said the number of accounts enrolled in one of its retail advisory solutions unit grew 8 percent to reach 581,000. Financial consultants also held 33,000 planning conversations, marking a 14 percent increase.
The company declared a 7-cent dividend beginning in the second quarter, up one cent.
Its shares edged up 3 cents to $27.06 in morning trading. Schwab shares have declined 18 percent since the beginning of the year, while the Standard & Poor's 500 index has climbed nearly 6 percent. The stock is down 22 percent in the last 12 months.
--------
Elements of this story were generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on SCHW at http://www.zacks.com/ap/SCHW.
Published: Wed, Jul 20, 2016
