-
Click on individual bank names in the table below to access American Banker's coverage of each company's earnings report. Links to relevant coverage, filings, releases, and bank benchmark profile data can be found in the Related Links area of each article.
April 29
Charles Schwab Corp. announced Friday its net income and revenue soared in the first quarter, as the economy improved and investors moved off the sidelines.
The firm's net income surged to $243 million for the first quarter of 2011, up from $6 million for the first quarter of 2010.
Even excluding certain charges relating to the Schwab YieldPlus Fund and the company's affinity credit card program for the first quarter of 2010, the company's first-quarter 2011 net income was 84% higher. Meanwhile, Schwab's first-quarter revenue rose 23% year-over-year.
New brokerage account openings totaled 224,000, net new assets totaled $25.1 billion excluding a large clearing outflow, and total client assets reached a record $1.65 trillion at month-end March, up 10% from a year ago, Chief Executive Officer Walt Bettinger said.
Schwab now serves 8.1 million active brokerage accounts, 719,000 banking accounts and 1.44 million retirement plan participants, he said.
"We plan to increase our 2011 spending on client-related initiatives by nearly 40% over 2010 to help us significantly improve our service in areas like fixed-income, global investing, mobile and tablet solutions, and adviser-focused technology, as well as to advance our index- and ETF-based 401(k) and Independent Branch Services initiatives," Bettinger said.
