Key facts
- Charles Schwab reported a record second-quarter profit.
- Interactive Brokers reported a 35% rise in second-quarter profit.
- Both firms saw increased trading activity and asset management fees.
- Charles Schwab's net income was $2.8 billion, or $1.54 per share.
- Interactive Brokers' net income was $312 million, or 69 cents per share.
Charles Schwab and Interactive Brokers both reported record quarterly profits, driven by a surge in trading activity and higher asset management fees. Interactive Brokers' profit rose 35% to $312 million, or 69 cents per share, with net interest income up 23% and commission revenue up 30%. Daily average revenue trades (DARTs) increased 36% to 4.82 million. Charles Schwab's record profit was fueled by a 57% increase in daily average trading volume to 11.9 million and a 28% surge in trading revenue. The firm also saw 1.4 million new accounts and $119.8 billion in core net new assets, with asset management fees reaching $1.83 billion. Schwab's net income was $2.8 billion, or $1.54 per share.