Charles Schwab reported Q2 2024 net income of $1.3 billion, up 3% year-over-year, while total net revenues increased 1% to $4.7 billion. Asset management and administration fees surged 18% to $1.4 billion, driven by higher money market fund balances and strong equity markets. Net interest revenue declined 6% to $2.2 billion due to lower interest-earning assets.The company's client assets reached $9.41 trillion, up 17% from the prior year, with core net new assets of $61.2 billion in Q2, representing a 17% increase. Active brokerage accounts grew 4% to 35.6 million, while the consolidated Tier 1 Leverage Ratio strengthened to 9.4% from 8.5% at year-end 2023.In May 2024, Schwab completed the final client account conversions from Ameritrade, marking a significant integration milestone. The company has achieved approximately 90% of its targeted $1.8-2.0 billion in annual cost synergies and expects to realize the remaining synergies by the end of 2024. Bank deposits decreased 6% during the quarter to $252.4 billion, reflecting client cash reallocation and seasonal tax payments.

Charles Schwab reported Q2 2024 net income of $1.3 billion, up 3% year-over-year, while total net revenues increased 1% to $4.7 billion. Asset management and administration fees surged 18% to $1.4 billion, driven by higher money market fund balances and strong equity markets. Net interest revenue declined 6% to $2.2 billion due to lower interest-earning assets.The company's client assets reached $9.41 trillion, up 17% from the prior year, with core net new assets of $61.2 billion in Q2, representing a 17% increase. Active brokerage accounts grew 4% to 35.6 million, while the consolidated Tier 1 Leverage Ratio strengthened to 9.4% from 8.5% at year-end 2023.In May 2024, Schwab completed the final client account conversions from Ameritrade, marking a significant integration milestone. The company has achieved approximately 90% of its targeted $1.8-2.0 billion in annual cost synergies and expects to realize the remaining synergies by the end of 2024. Bank deposits decreased 6% during the quarter to $252.4 billion, reflecting client cash reallocation and seasonal tax payments.