Charles Schwab's 2012 Net Rises 7%
Charles Schwab has released its Q4 and fiscal 2012 results, both of which saw a rise in revenues and profit. For the full year, net revenues amounted to $4.9 billion, and the bottom line came in at $928 million (diluted earnings of $0.69 per share). Those were 4% and 7% higher, respectively, over 2011's numbers.
They included two sizable one-time items, however. The company booked a $44 million after-tax gain related to the resolution of a vendor dispute, and a state tax benefit of roughly $20 million. Without those items, net income would have been flat over that of the previous year.
For Q4, net revenues were $1.2 billion and net profit amounted to $211 million ($0.15 diluted EPS). Compared with the same quarter the previous year, those figures were 9% and 29% higher.
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