Schwab Charles Corporation (SCHW) has reported a 36.89 percent jump in profit for the quarter ended Mar. 31, 2017. The company has earned $564 million, or $0.39 a share in the quarter, compared with $412 million, or $0.29 a share for the same period last year. Revenue during the quarter grew 17.97 percent to $2,081 million from $1,764 million in the previous year period. Net interest income for the quarter rose 29.53 percent over the prior year period to $1,000 million. Non-interest income for the quarter rose 8.75 percent over the last year period to $1,081 million.
chief executive officer Walt Bettinger said, “We continue to build a bigger, stronger, and more capable Schwab through a steadfast focus on our “Through Clients’ Eyes” strategy. During the first quarter, the equity markets began in positive territory and remained solidly positive throughout. Investors were engaged, and Schwab was there to provide guidance and support along the way. Clients opened more than 100,000 new brokerage accounts per month during the quarter, putting total new accounts at 362,000, the highest quarterly total in 17 years excluding acquisitions.
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