Schwab Reports Second Quarter Earnings Per Share of $.48

Schwab Reports Second Quarter Earnings Per Share of $.48, Including $.06 Per Share of Acquisition-related Expenses

SAN FRANCISCO, CA (STL.News) The Charles Schwab Corporation announced today that its net income for the second quarter of 2020 was $671 million compared with $795 million for the first quarter of 2020, and $937 million for the second quarter of 2019.  Net income for the six months ended June 30, 2020 was $1.5 billion, compared with $1.9 billion for the year-earlier period.  The company’s financial results for both the second quarter and first half of 2020 include certain acquisition and integration-related costs as well as the amortization of acquired intangibles, which together totaled $93 million and $136 million, respectively, on a pre-tax basis.

Beginning with this quarter’s earnings release, the company’s financial presentations will include references to adjusted measures of expenses, net income, diluted earnings per common share, pre-tax profit margin, as well as return on tangible common equity (ROTCE), which are intended to help investors evaluate Schwab’s operating performance as well as facilitate a meaningful comparison of our current results to both historic and future periods.

NOTE: this is NOT the complete release.