Charles Schwab Q3 Profit Rises; Results Top Estimates - Quick Facts

(RTTNews) - Charles Schwab Corp. (SCHW) reported that its net income available to Common Stockholders for the third-quarter increased to $365 million or $0.28 per share from $312 million or $0.24 per share in the prior year. Analysts polled by Thomson Reuters expected the company to report earnings of $0.27 per share for the quarter. Analysts' estimates typically exclude special items.

CEO Walt Bettinger said, "Schwab's third quarter results reflect the continued success of our 'through clients' eyes' strategy and our contemporary approach to helping clients manage their wealth. As we helped investors navigate recent market volatility, we also drove solid business growth. Core net new assets were $30.8 billion in the third quarter, bringing our year-to-date total to $102.0 billion."

Total net revenues for the quarter increased to $1.60 billion from $1.55 billion last year. Wall Street expected revenues of $1.59 billion for the quarter.

Approximately 36,000 accounts enrolled in one of our retail advisory solutions during the last three months, 57% more than the year-earlier period, and total accounts using these solutions reached 550,000, up 13% year-over-year. Total client assets were $2.42 trillion, up 1% from a year ago, reflecting the $117.5 billion impact of reduced market valuations on client portfolios over the last 12 months. It finished the quarter serving 9.7 million brokerage accounts, 1.0 million banking accounts, and 1.5 million retirement plan participants, up 4%, 6% and 6%, respectively, from a year ago.

SCHW closed Wednesday trading at $27.78.