Charles Schwab Corp SCHW delivered better than expected results for the thirs quarter, and also established a new net income record.
The company reported net income of $503 million, or $0.35 a share, up from $376 million, or $0.28 a share, in the year-ago quarter. Street analysts' predicted an EPS of $0.33. While profit represented a growth of 34 percent, EPS indicated 25 percent uptick on a year-over-year basis.
The Charles Schwab's net revenues grew 20 percent from $1.597 billion to $1.914 billion and came in above the Street estimates of $1.89 billion.
CEO Walt Bettinger commented, "Our range of full-service investment capabilities continued to attract a broad spectrum of investors and helped core net new assets total $30.0 billion in the third quarter, sustaining a solid 5% annualized organic growth rate. We ended the quarter serving 10.0 million brokerage accounts and 1.1 million bank accounts, both records, as well as 1.6 million retirement plan participants, up 4%, 6% and 5%, respectively."
Despite the strong results, the stock fell $0.45, or 1.41 percent, to $31.52.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.