The San Francisco-based company reported record net income of $964 million, or 69 cents per share, on revenue of $2.72 billion. Wall Street was expecting the company to report earnings of 66 cents per share on revenue of $2.68 billion.
"Over the past quarter, our Virtuous Cycle, driven by our 'Through Clients' Eyes' strategy, continued to attract client accounts and assets at a robust pace. The equity markets gathered momentum during the quarter, with the S&P 500 rising 21% from the December correction and posting its best first quarter since 1998," CEO Walt Bettinger said.
There were geopolitical headwinds in the quarter like the Brexit debate and international trade negotiations between the U.S. and China, the company said, and while this impacted investor sentiment and activity, Charles Schwab remained strong.
"New brokerage accounts totaled 386,000 during the quarter and client account openings have now exceeded 100,000 for 28 consecutive months. In addition, clients entrusted us with total core net new assets of $51.7 billion for the quarter, representing a 6% annualized growth rate."
Charles Scwwab shares were up 1.2% to $45.91 in trading Monday.