Overall, the brokerage reported a profit of $1.36-billion, or 68 cents per share, for the first quarter, compared with $1.6-billion, or 83 cents per share, last year
first-quarter profit fell 15 per cent as higher interest on clients’ deposits and its borrowings offset gains from a surge in asset management fees, the brokerage said on Thursday.
The Westlake, Texas-based company on average paid 1.35 per cent on deposits in the three months ended March 31, compared with 0.73 per cent last year. The interest rate on its borrowings from the Federal Home Loan Bank was 5.27 per cent, compared with 5.05 per cent a year ago.
Interest Company Share Schwab Brokerage Surge Profit Westlake Charles Schwab U.S. Federal Reserve
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