Charles Schwab Sets New Net Income Record In Q3

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.