Charles Schwab said it had net income of $238 million for the second quarter of 2011, or 20 cents a share, up roughly 17% from $205 million, or 17 cents a share, in the year-ago period. Net revenues were nearly $1.2 billion in the recent period, up about 10% from close to $1.1 billion a year earlier. Both results met analysts’ estimates.
For the six months ended June 30, 2011, the company’s net income was $481 million, 43% higher than the $337 million earned in the year-earlier period excluding certain charges relating to the Schwab YieldPlus Fund and the company’s affinity credit card program.
“While trading activity is relatively soft, our diverse suite of investment products and services is propelling our ongoing growth, as clients increasingly opt to enroll in our advisory solutions,” said CEO Walt Bettinger in a press release.
The total number of average daily trades declined 9% year over year and 16% quarter over quarter to about 397,000. The amount of revenue per trade, though, rose slightly to $12.23 over both time periods
Schwab says client assets in Schwab retail advisory offerings grew 20% year over year to $113 billion as of June 30.