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Schwab Reports Second Quarter Net Income Up 27% Year-Over-Year

Stocks in this article: SCHW

The Charles Schwab Corporation announced today that its net income for the second quarter of 2014 was $324 million, comparable to $326 million for the first quarter of 2014, and up 27% from $256 million for the second quarter of 2013. Net income for the six months ended June 30, 2014 was $650 million, up 41% from the year-earlier period.



Three Months Ended


Six Months Ended

--June 30,-- % --June 30,-- %
Financial Highlights   2014   2013   Change   2014   2013   Change
Net revenues (in millions) $ 1,478   $ 1,337 11 %






13 %
Net income (in millions) $ 324 $ 256 27 % $ 650 $ 462 41 %
Diluted earnings per common share $ .23 $ .18 28 % $ .47 $ .33 42 %
Pre-tax profit margin 35.3 % 30.8 % 35.3 % 28.3 %

Return on average common stockholders’ equity (annualized)

12 % 10 % 13 % 10 %

CEO Walt Bettinger said, “With the right full-service model for serving today’s investors, we are driving sustained momentum in our business. As investor engagement continues to gain strength, we offer the transparency, open architecture, technology and accessibility – including personal relationships – that support our clients’ confidence and trust in Schwab as a partner that can help them build their financial futures. We gathered $11.5 billion in net new assets in June and $22.7 billion during the second quarter, the highest June in our history and the highest second quarter in 6 years. Clients opened 242,000 new brokerage accounts during the quarter, and we ended the quarter serving 9.3 million active brokerage accounts and 950,000 banking accounts, up 3% and 4%, respectively, from year-earlier levels. Total client assets reached a record $2.40 trillion as of June 30, an increase of $351 billion, or 17%, from June 2013.”

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