Charles Schwab Q3 Net Income Climbs to $2.91 Billion as Client Assets Reach $13.33 Trillion
Westlake, Texas — The Charles Schwab Corporation (NYSE: SCHW) reported third-quarter results on October 15: net income of $2.906 billion, with GAAP earnings of $1.62 per share, up 29% from a year earlier, and adjusted earnings of $1.69 per share. Net revenues rose 17% to a quarterly record $7.171 billion.
Core net new assets reached a record $190.4 billion, up 38% year over year, an annualized growth rate of 5.8%. Schwab opened 1.2 million new brokerage accounts during the quarter, and total client assets ended the period at $13.33 trillion, up 15%. Daily average trades rose 44% to 10.7 million.
Chief Executive Officer Rick Wurster said in the company's statement that Schwab set new records in eight of its ten primary product and service categories during the quarter. The company also repurchased 30.9 million shares of common stock for about $2.9 billion.
Chief Financial Officer Mike Verdeschi said record revenues were driven by sustained net new asset inflows, higher market valuations and robust trading, and that the firm has now delivered positive operating leverage for 12 consecutive quarters.
Headquartered in Westlake, Texas, Charles Schwab is one of the largest U.S. securities brokerage and wealth management firms, providing brokerage, banking and advisory services through its subsidiaries.
Published by GSM · USA (original Chinese edition)
Photo: 图：嘉信理财（Charles Schwab）公司标志（图：Wikimedia Commons，公有领域）
