Charles Schwab Corp. on July 17 reported a 16% jump in net income to $292 million for its second quarter ended June 30, on revenue that rose 10% to $1.205 billion. In the same quarter last year, Schwab had $251 million in net income on revenue of $1.09 billion. For the six months ended June 30, net income was $565 million on revenue of $2.35 billion. Schwab CFO Joe Martinetto credited the improved results with the company’s “ongoing emphasis on combining the company’s more predictable revenue with sustained expense discipline,” noting that non-trading revenues set a new record at $1.0 billion, up 14% compared to 2006′s second quarter.
As for Schwab Institutional, client assets grew 25% in the quarter compared to 2006, to $556 billion, or 6% from the $524 billion in client assets recorded at the end of the first quarter of 2007.