What drove SCHW's earnings growth in 2024?

Charles Schwab's (SCHW) earnings growth in 2024 was primarily driven by the following factors:

1. **Asset Management and Administration Fees**: These fees increased by 20.6% year-over-year, reaching $1.5 billion. This growth was fueled by the company's ability to attract and retain assets, as evidenced by a 26.8% year-over-year increase in total client assets, which reached $9.92 trillion by the end of the third quarter.
2. **Equity Market Resilience and Client Engagement**: Despite some challenges, including a shift in client trading activity and a decrease in average revenue per trade, the company benefited from strong equity markets and increased client engagement. Trading volumes and margin balances saw significant increases, which helped to offset some of the revenue declines.
3. **Strategic Initiatives and Integration**: The successful integration of Ameritrade customers has been a key factor in Schwab's growth. The platform now hosts 1.3 million traders, who are considered high-value clients that operate at higher multiples of Net New Assets, assets, and Return on Client Assets compared to retail households.
4. **Net Interest Income**: Although there was a marginal fall in net interest revenues, the company's net interest income decreased by $75 million sequentially, primarily due to a $17 billion decrease in bank deposits and related decreases in the bank’s corporate cash balances and securities portfolio.

In summary, Charles Schwab's earnings growth in 2024 was driven by strong asset management and administration fees, equity market resilience, strategic initiatives, and net interest income.