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Schwab Third Quarter Revenues Rise 15%, Reach Highest Level In 13 Years

Stocks in this article: SCHW

The Charles Schwab Corporation announced today that its net income for the third quarter of 2013 was $290 million, up 13% from $256 million for the second quarter of 2013, and up 17% from $247 million for the third quarter of 2012. Net income for the nine months ended September 30, 2013 was $752 million, up 5% from the year-earlier period. The company’s financial results for the nine months ended September 30, 2012 include a pre-tax gain of $70 million, or $44 million after-tax, relating to the resolution of a vendor dispute and a non-recurring state tax benefit of $20 million, which were recorded in the second and third quarters of last year, respectively.

 

Three Months Ended

     

Nine Months Ended

 

--September 30,--

%

--September 30,--

%

Financial Highlights

   

2013

     

2012

   

Change

     

2013

     

2012

   

Change

 
Net revenues (in millions) $ 1,373   $ 1,196 15 % $ 4,000   $ 3,668 9 %
Net income (in millions) $ 290 $ 247 17 % $ 752 $ 717 5 %
Diluted earnings per common share $ .22 $ .19 16 % $ .55 $ .54 2 %
Pre-tax profit margin 33.8 % 30.2 %

30.2

%

30.2

%

 

 

Return on average common stockholders’ equity (annualized)

13 % 11 % 11 % 11 %
                                     

CEO Walt Bettinger said, “Today’s Schwab is a full-service investment firm capable of helping all types of investors plan for and build their financial futures, with over $2 trillion in client assets – a total that has grown by a compound annual rate of 10% over the past five years. A record $1 trillion of those assets are currently enrolled in some form of ongoing advice, reflecting a decades-long evolution at Schwab beyond our discount-brokerage roots. We’ve made notable progress, ending the third quarter of 2013 with $145 billion in client assets enrolled in one of our 8 retail advisory offers, as well as $891 billion under the guidance of independent advisors, representing year-over-year increases of 17% each. Our work on this front continues, as we provide an alternative to the traditional Wall Street model by offering sophisticated, needs-based approaches designed to enable today’s investors to get the help that’s right for them.”

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