SCHWAB CHARLES CORP
For the period ended Dec 31, 2023. Filed Feb 23, 2024.
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FY2023 · Filed Feb 23, 2024
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Consolidated Statements of Income
| Consolidated Statements of Income | |||
|---|---|---|---|
| (In Millions, Except Per Share Amounts) | |||
| Year Ended December 31, | 2023 | 2022 | 2021 |
| Net Revenues | |||
| Interest revenue | $16,111 | $12,227 | $8,506 |
| Interest expense | (6,684) | (1,545) | (476) |
| Net interest revenue | 9,427 | 10,682 | 8,030 |
| Asset management and administration fees (1) | 4,756 | 4,216 | 4,274 |
| Trading revenue | 3,230 | 3,673 | 4,152 |
| Bank deposit account fees | 705 | 1,409 | 1,315 |
| Other | 719 | 782 | 749 |
| Total net revenues | 18,837 | 20,762 | 18,520 |
| Expenses Excluding Interest | |||
| Compensation and benefits | 6,315 | 5,936 | 5,450 |
| Professional services | 1,058 | 1,032 | 994 |
| Occupancy and equipment | 1,254 | 1,175 | 976 |
| Advertising and market development | 397 | 419 | 485 |
| Communications | 629 | 588 | 587 |
| Depreciation and amortization | 804 | 652 | 549 |
| Amortization of acquired intangible assets | 534 | 596 | 615 |
| Regulatory fees and assessments | 547 | 262 | 275 |
| Other | 921 | 714 | 876 |
| Total expenses excluding interest | 12,459 | 11,374 | 10,807 |
| Income before taxes on income | 6,378 | 9,388 | 7,713 |
| Taxes on income | 1,311 | 2,205 | 1,858 |
| Net Income | 5,067 | 7,183 | 5,855 |
| Preferred stock dividends and other | 418 | 548 | 495 |
| Net Income Available to Common Stockholders | $4,649 | $6,635 | $5,360 |
| Weighted-Average Common Shares Outstanding: | |||
| Basic | 1,824 | 1,885 | 1,887 |
| Diluted | 1,831 | 1,894 | 1,897 |
| Earnings Per Common Shares Outstanding (2): | |||
| Basic | $2.55 | $3.52 | $2.84 |
| Diluted | $2.54 | $3.50 | $2.83 |
(1)No fee waivers were recognized for the year ended December 31, 2023. Includes fee waivers of $57 million and $326 million for the years ended December 31, 2022 and 2021, respectively.
(2)The Company has voting and nonvoting common stock outstanding. As the participation rights, including dividend and liquidation rights, are identical between the voting and nonvoting stock classes, basic and diluted earnings per share are the same for each class. See Notes 19 and 25 for additional information.
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