UPDATE: Charles Schwab Q2 Profit Surges 27%

Charles Schwab SCHW reported a 27% gain in its second-quarter earnings. The San Francisco-based company posted a quarterly profit of $324 million, or $0.23 per share, versus a year-ago profit of $256 million, or $0.18 per share. Its revenue climbed 11% to $1.48 billion. However, analysts were estimating a profit of $0.23 per share on revenue of $1.47 billion. Charles Schwab's total client assets surged to $2.402 trillion, versus $2.051 trillion, in the year-ago period. Its asset management and administration fees climbed by 10%, while net interest revenue surged by 19%. In the recent quarter, Charles Schwab executed an average of 483,000 client trades per day, down 2.8% versus the year-ago period. CFO Joe Martinetto said, “Our financial performance thus far in 2014 is right in line with management expectations. Given an environment that is no longer masking our progress, it's clear our financial model is working.” Charles Schwab shares gained 0.40% to $27.54 in pre-market trading.