Charles Schwab Corp. (NYSE: SCHW) reported Monday that its net income rose to $238 million, or 20 cents per share, from $205 million, or 17 cents per share, in the same quarter last year. Revenue rose 10% to $1.19 billion from $1.08 billion. Analysts, on average, expect the company to report earnings of 20 cents per share on revenue of $1.20 billion.
CEO Walt Bettinger commented, "Our valued clients are showing a resiliency in this environment that bodes well for the future. Although the economic recovery is progressing slower than hoped, clients remain solidly engaged with their investments, as cash holdings at Schwab have declined to pre-crisis levels. 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."
Full Disclosure: None.