Charles Schwab Posts Better-Than-Expected Results Amid Volatility

Shares of Charles Schwab rose in early trading on Wednesday after the discount broker reported slightly better-than-expected third-quarter results. Schwab reported profit that rose to $321 million, or $0.24 a share, an 11% increase from the same quarter last year. Excluding items, earnings came to $0.25 a share, narrowly beating estimates of $0.24 a share. Net income for the nine months ended September 30 was $971 million, a 29% rise from the year-ago period. CEO Walt Bettinger said, 'Against a backdrop of heightened market volatility during the quarter, we saw increased utilization of the help and advice available through Schwab.' Bettinger said the company ended the quarter with $2.4 trillion in total client assets, up 12% from last September.