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Charles Schwab 3Q results up, top estimates
October 16, 2013, 05:00 AM The Associated Press

SAN FRANCISCO — Charles Schwab’s third-quarter net income climbed 19 percent as trading revenue and interest revenue rose.

The performance beat Wall Street’s view, and the stock rose more than 5 percent in morning trading Tuesday to its highest level in more than five years.

For the three months ended Sept. 30, the San Francisco company reported net income available to common stockholders of $282 million, or 22 cents per share. That compares with $238 million, or 19 cents per share, a year ago.

Analysts expected earnings of 20 cents per share, according to a FactSet survey.

Revenue rose 14 percent to $1.37 billion from $1.2 billion. Wall Street was looking for $1.34 billion in revenue.

Interest revenue increased to $531 million from $478 million, while trading revenue climbed to $224 million from $204 million. Revenue from asset management and administration fees rose to $583 million from $524 million.

Core net new assets totaled almost $43 million, surging 97 percent from a year earlier. CEO Walt Bettinger said in a statement that this was the highest level in Schwab’s history for a summer quarter.

In the investor services segment, net new retail brokerage accounts climbed 14 percent to about 16,000.

Charles Schwab Corp. ended September with 9 million active brokerage accounts, up 3 percent from the prior-year period. Banking accounts rose 10 percent to 930,000.

The company maintained its forecast for 2013 earnings in the mid-70 cents per share range.

Analysts expect earnings of 74 cents per share.

Shares of Charles Schwab gained $1.23, or 5.6 percent, to $23.24 in morning trading after rising as high as $23.46 earlier in the session, its highest level since July 2008.

 

 

Tags: million, percent, revenue, cents, share, trading,


Other stories from today:

Charles Schwab 3Q results up, top estimates
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