SCHW

By Jeffrey T. Lewis

The Charles Schwab Corp. said Wednesday its profit rose in the fourth quarter as higher interest rates boosted net interest income.

The Westlake, Texas-based financial-services company reported net income rose 25% from a year earlier to $2 billion. Earnings per share reached 97 cents from 76 cents and adjusted earnings per share increased to $1.07 from 86 cents. Net revenue rose 17% to $5.5 billion.

The profit figure fell slightly short of the market consensus, while net income slightly outperformed. The median forecast compiled by FactSet was for revenue of $5.6 billion and for net income of $1.9 billion. Adjusted earnings per share also fell short of the market consensus of $1.09.

The company's interest revenue rose to $3.8 billion from $2.3 billion in the same quarter a year earlier, while the net interest expense increased to $812 million from $128 million, leaving net interest revenue of $3 billion, compared with $2.1 billion in the fourth quarter of 2021. Trading revenue declined to $895 million from $1 billion.

Write to Jeffrey T. Lewis at jeffrey.lewis@wsj.com

(END) Dow Jones Newswires

January 18, 2023 09:23 ET (14:23 GMT)

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