Charles Schwab Says Client Assets Grew in April. Stock Rises.

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Stock in

Charles Schwab
,
a financial broker that also offers banking services, climbed on Friday after it said client assets rose in April.

Total client assets totaled $7.6 trillion at the end of last month, it said in its monthly activity report. That’s 1% higher than in March and up 5% from the same month last year. The number of active brokerage accounts rose 1% from April last year.

The failure of Silicon Valley Bank in March has focused investors’ attention on the risk of banks losing deposits, a concern for Schwab (ticker: SCHW) because higher interest rates have encouraged customers to move money from the firm into higher-yielding accounts. Schwab’s client deposits fell 11% in the first quarter from the fourth quarter.

Friday’s announcement should bolster confidence that that trend is ending. Shares advanced 4.1% to $49.65. They’re still down 40% since the start of the year.

Write to Brian Swint at [email protected]