By Senad Karaahmetovic
Charles Schwab Corp (NYSE:SCHW) shares are trading about 3.5% higher today after the company issued a business update to address recent market events.
In a blog post written by Charles Schwab, founder and Chairman, and Walt Bettinger, co-chairman and CEO, the company said its “business is extremely robust.”
Charles Schwab took in over $53 billion of core net new client assets in March, which marks the second-highest March performance in its history.
“The diversity of our business remains a strength. For example, our trading and wealth management businesses experienced a very strong first quarter,” it is said in the post.
Moreover, the management said that deposit flows “at Schwab Bank have remained fairly consistent during this tumultuous period” with the average daily outflows below February.
“While the first quarter was a challenging time, for sure, reflecting negative investor sentiment, ongoing interest rate hikes, and regional banking turmoil, Schwab’s client-centric growth model remains firmly intact and is performing well. The company continues to operate from a position of strength with strong current momentum. All of which leaves us extremely confident in our current progress and long-term future,” the management wrote.
SCHW shares are down over 40% year-to-date.