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US : The Charles Schwab Corporation - SCHW | 4Q20 First Take: Revenue Beats Consensus on NII, Other Revenue; NNA Strong

    Contributors
    Michael Vinci
    David Farnum
    CGS-CIMB
    19 January 2021
    Published byCGS-CIMB

    Bottom LineWhile headline fourth quarter results were modestly better than consensus estimates, much of the revenue strength in the quarter was driven by the "other" revenue line-item, which we understand reflected a jump in essentially zero-margin Section 31 regulatory fees. That said, the inclusi