Charles Schwab (SCHW) reported first quarter earnings that bested analysts estimates by two cents per share. Schwab earned 24 cents per share in the fiscal first quarter, which was almost 60% higher than the same quarter a year ago. Revenue jumped 15 percent to $1.478 billion. The pre-tax profit margin for the online broker came in at 35.3 percent versus just 25.7 percent a year ago. Net income jumped 60% from the previous year.

Schwab announced at the earnings call that it now has a record $2.31 trillion in client assets. Daily Average Revenue Trades (DARTs) came in at just over 550,000 for Schwab, which allowed the first quarter to have the highest quarterly volume in company history. As of the end of the first quarter, Schwab now serves 9.2 million active brokerage accounts. Schwab also did a nice job holding down expenses. The firm reported expenses of just $956 million, which was significantly lower than most analysts were expecting. Schwab gathered $34.2 billion in new assets during the first quarter.

Joe Martinetto, Executive Vice President and CFO at Schwab, pointed to the companies double digit growth in all three major revenue categories in the first quarter. Schwab saw asset management and administration fees and trading revenue both increase by 11%. Net interest revenue rose by 18% to a record level of $553 million. Martinetto said, “With net income rising by nearly 60%, our strong financial performance supports continued growth in our capital base and allows us the resources and flexibility to pursue the opportunities ahead.”

Shares of SCHW are up more than 5% since the release of this first quarter earnings beat.

For the full press release from Schwab’s first quarter earnings click here.

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