Charles Schwab surprises with strong quarterly results

Charles Schwab experienced a rise in its stock price in early New York trading after the financial services company presented quarterly results that exceeded analysts' projections. The announcement that the company was able to reduce a portion of its high-cost debt was particularly well-received. Adjusted earnings per share amounted to 77 cents last quarter, surpassing analysts' estimates of 75 cents. Additionally, Schwab reported a positive development in the area of customer cash flow. Transactional client deposits, which had previously declined as clients sought higher-yielding offerings, increased by $9 billion. This increase enabled the company to reduce additional bank financing by $8.9 billion.