Shares of brokerage firm Charles Schwab rose sharply Tuesday after the company’s second-quarter report topped expectations.

Schwab generated 75 cents in adjusted earnings per share on $4.66 billion in revenue. Analysts surveyed by Refinitiv estimated 71 cents per share on $4.61 billion of revenue.

Shares jumped 12% in morning trading.

CFO Peter Crawford said in the release that revenue — which fell 9% year over year — was hurt by customers reallocating their cash with higher rates. However, Crawford stated that “we observed a continued and substantial deceleration in the daily pace of cash outflows” in June and that the company expected client cash to start growing again by the end of the year.

CEO Walt Bettinger said on “Squawk on the Street” that “client cash realigning” is now down more than 80% from the first quarter.

“We were proactive going to clients, encouraging them to move their sweep cash into higher yielding balances, and that process began 15 or 16 months ago. They’ve largely done that,” Bettinger said. “And what’s interesting about June is that even as this cash realigning fell to the lowest level it’s been in many, many months, part of that was because clients are now moving back into the equity markets.”

Shares of Schwab entered Tuesday down nearly 30% for the year. The stock was hit hard during the regional banking crisis in March, as investors grew concerned about the value of the debt on Schwab’s balance sheet and potential deposit outflows.