Charles Schwab reports total client assets $8.88T up 20% as of February-end

The Charles Schwab Corporation released its Monthly Activity Report today. Company highlights for February 2024 include: Core net new assets brought to the company by new and existing clients totaled $33.4 B. Net new assets excluding mutual fund clearing totaled $31.1B. Reports total client assets were $8.88T as of month-end February, up 20% from February 2023 and up 4% versus January 2024; Transactional sweep cash ended February 2024 at $403.2B representing a decrease of $2.9B versus the prior month.With the company’s diversified financial model benefiting from rising equity markets and stronger client trading activity to start the year, the company anticipates first-quarter sequential revenue growth of approximately 5% to 6% and adjusted pre-tax profit margin expansion of nearly four percentage points versus the fourth quarter as the full impact of the late 2023 incremental cost savings are realized. 1Q24 GAAP pre-tax profit margin is currently expected to expand by more than 900 basis points versus 4Q23.