Charles Schwab Reports 27% Yearly Drop in Net Income for Q2 2023

The US brokerage company Charles Schwab disclosed $2.9 billion revenue for the second quarter of 2023, representing a drop of 9% compared to Q2 2022.

Net income for the quarter registered 27% decline on a yearly basis to USD1.2 billion, higher than the market analysts' estimates. The adjusted earnings per share came in at 75 cents, compared to 71 cents projected by analysts from Refinitiv.

In addition, during this period, 1 million new brokerage accounts opened at Charles Schwab, fueled by a growth in the company's asset management business.

The firm also added USD52 billion new additional assets, bringing the total assets to over USD180 billion.

"Against an improving, yet still unsettled backdrop, clients increased their utilization of help and advice at Schwab during the quarter, reflecting investors' continued trust in us to support them on their journey towards a better financial future," said Schwab's CEO, Walter Bettinger.