This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

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

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.”

1 of 5

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

DOW 17,730.11 -27.80 -0.16%
S&P 500 2,076.78 -0.64 -0.03%
NASDAQ 5,009.2140 -3.9090 -0.08%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs