Charles Schwab reported a 32% surge in second-quarter profits, driven by record client trading activity. Net income reached $2.8 billion, or $1.54 per share, while total net revenue rose 21% to $7.1 billion, including a 28% jump in trading revenue. The daily average number of trades climbed to a record 11.9 million, and customer margin balances rose 30% from the previous quarter to $165 billion. Net interest income increased 19% to $3.36 billion, with the net interest margin expanding 12 basis points to 3.00%. Total client assets on the platform grew by $1.31 trillion from the prior quarter to $13.08 trillion.
Charles Schwab CorpProfits surged 32% on record trading activity, with strong revenue growth and margin expansion.