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Schwab Meets Wall Street Estimates as Fees, Interest Income Rise

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Brokerage firm Charles Schwab (SCHW - Get Report) turned in quarterly financial results in line with Wall Street's expectations as asset-management fees, trading revenue and interest income increased.

Net income for the first three months of 2016 rose 36% to $412 million, or 29 cents a share, compared with the same period a year ago. That was the average of analysts' estimates, according to Bloomberg.

"In this environment, that's considered a win," said Stephen Biggar, an analyst with Argus Research Co.

Asset management and administration fees climbed 9% from a year earlier to $699 million, while net interest revenue rose 31% to $772 million, and trading revenue gained 2% to $232 million. Rates and market performance are the two biggest drivers for Schwab over the next year, said SunTrust Robinson Humphrey stock analyst Doug Mewhirter.

The quarterly performance is the "first...


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