By Denny Jacob

Charles Schwab Corp.'s fourth-quarter profit declined although adjusted earnings beat analysts' estimates.

The brokerage giant posted net income of $1.05 billion, or 51 cents a share, for the fourth quarter ended Dec. 31, declining 47% from $1.97 billion, or 97 cents a share, a year earlier. Adjusted earnings were 68 cents a share, above analysts' estimates of 64 cents.

Revenue declined 19% to $4.46 billion from $5.5 billion. Analysts polled by FactSet expected $4.49 billion.

Charles Schwab said bank deposits at the end of the quarter were down 21% from a year earlier, while total assets were down 11% in the same period.

Chief Financial Officer Peter Crawford said the company's financial performance in 2023 reflected challenges ranging from higher interest rates set by the Federal Reserve and effects stemming from the regional banking crisis in March.

Write to Denny Jacob at denny.jacob@wsj.com

(END) Dow Jones Newswires

January 17, 2024 08:18 ET (13:18 GMT)

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