The Charles Schwab Corporation Reports Q1 2022 Results
Apr 18, 2022 By MarketDepth
The Charles Schwab Corporation (NYSE: SCHW) just announced its results from the first quarter of 2022.
The Company’s net income for the first quarter of 2022 came to $1.4 billion, compared to $1.5 billion for the first quarter of 2021. Additionally, certain acquisition and integration-related costs and the amortization of acquired intangibles totaled $96 million and $154 million, respectively, on a pre-tax basis.
“Our business momentum remained quite strong throughout the first quarter. We helped clients face a complex set of crosscurrents, which included an ongoing economic recovery supported by continued progress against the COVID pandemic, rising inflation, geopolitical turmoil driven by the Russian invasion of Ukraine, the Fed initiating its first tightening cycle since late 2015, and more volatile equity markets that remained below year-end 2021 levels for the vast majority of the period.”CEO Walt Bettinger
The company reported total revenues of $4.67 billion and GAAP earnings per share of $0.67.
“Our first quarter 2022 financial results reflected our ongoing success with clients while contending with the effects of a challenging environment. Total revenues of $4.7 billion were just under the record level set in the year-ago quarter amidst that extraordinary surge in client activity, with increases in net interest revenue (NIR) and asset management and administration fees (AMAF) essentially offsetting the effects of trading activity returning to more moderate levels. Our priority for capital management remains centered on maintaining flexibility for supporting ongoing growth.”CFO Peter Crawford