Charles Schwab reported that its first-quarter profit rose 12% to $273 million, or 22 cents a share, its eighth consecutive quarter of double-digit gains, the Associated Press reports. The earnings matched the expectations of analysis surveyed by Thomson Financial.
Revenue was $1.15 billion, up 9% from $1.05 billion in the first quarter of 2006.
Because Schwab has been doing so well over the past two years—with earnings rising 20% or better each quarter—the earnings momentum isn’t likely to continue.
Schwab customers invested $33.5 billion additional money in their accounts in the quarter, the largest amount since the third quarter of 2000.
“In this more challenging environment, we continued our success in building stronger client relationships,” noted Schwab CEO and founder Charles Schwab.