By Micah Maidenberg

Charles Schwab Corp. (SCHW) said net-interest revenue jumped in the fourth quarter, more than offsetting a decline in some of the fees the brokerage collects.

The company booked $2.67 billion in net revenue in the quarter, up 19% from the year earlier and more than the $2.64 billion analysts expected according to FactSet.

Net-interest revenue increased rose 42% to $1.63 billion, while asset management and administrative fees fell 13% to $755 million. Trading revenue rose to $206 million from $154 million.

Schwab said profit rose to $935 million, or 65 cents a share, in the fourth quarter, from $597 million, or 41 a share, in the fourth quarter of 2017. Analysts polled by FactSet predicted 64 cents a share.

Pretax margin rose from to 45.3% from 42.5%.

Clients opened 380,000 new brokerage accounts in the quarter, compared with 386,000 new accounts in the fourth quarter of 2017.

Stock markets were volatile at the end of last year, Schwab said.

Write to Micah Maidenberg at micah.maidenberg@wsj.com

(END) Dow Jones Newswires

January 16, 2019 09:21 ET (14:21 GMT)

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