NU Online News Service, Oct. 21, 2003, 4:54 p.m. EDT – The stock market rebound and growth in sales of advisory services helped The Charles Schwab Corp., San Francisco, turn in stronger third quarter results.
Schwab is reporting $127 million in net income for the latest quarter on $1.1 billion in revenue, up from a net loss of $4 million on $1 billion in revenue for the third quarter of 2002.
Clients handed $11 billion more new assets to Schwab during the quarter than they took away. Volume was about the same as it was during the comparable quarter in 2002.
But Schwab clients enjoyed $21 billion in net market gains on their assets during the latest quarter. A year ago, client statements showed $81 billion in net market losses.
Although Schwab made its name as a no-frills discount broker, it now sells advisory services through its own advisors and also sells support services to outside advisors.