By Paige Smith

(Image source: Yahoo finance)

Bloomberg) — Charles Schwab Corp. (SCHW) reported results that exceeded estimates as it continues to attract record new inflows to its retail brokerage.

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Fourth-quarter revenue grew by 20% year over year to $5.3 billion, topping estimates of $5.19 billion. The company posted adjusted earnings per share of $1.01, also exceeding predictions. Full-year revenue growth was 4%, surpassing the 3% to 3.5% guidance the firm gave in December.

“Record net inflows into our managed investing solutions helped lift 4Q24 revenue,” said newly-appointed Chief Executive Officer Rick Wurster, who stepped into the role at the beginning of this year.

Shares in the firm were up about 6.2% in early New York trading.

Westlake, Texas-based Schwab called 2024 a “transition” year after faltering during the regional banking chaos in 2023. The firm appointed Wurster and new Chief Financial Officer Mike Verdeschi to return stability to Schwab and so far earnings have improved.

Total client assets were $10.1 trillion, after passing $10 trillion for the first time in November. That just undershot analyst estimates of $10.17 trillion.

Schwab plans on adding more than a dozen branches this year and will relocate some of its 400-plus existing locations to take advantage of where customers have been moving and which Main Streets and neighborhoods see more foot traffic.

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