Charles Schwab Shares Rise 2% After Strong Quarterly Earnings and Record Client Assets

Core Insights - Charles Schwab Corp. reported third-quarter earnings and revenue that exceeded analyst expectations, driven by record client asset growth [1] - Earnings per share were $1.31, surpassing the consensus forecast of $1.23, while revenue increased by 27% year-over-year to $6.14 billion, exceeding expectations of $5.97 billion [1] Financial Performance - Core net new assets reached $137.5 billion during the quarter, marking a 44% increase from the previous year [2] - Total client assets grew 17% to an all-time high of $11.59 trillion [2] - The annualized return on average common equity was 21%, up from 14% in the prior-year period, while the annualized return on tangible common equity rose to 38% from 31% last year [2] Management Commentary - Management highlighted that the results reflect Schwab's ongoing success in expanding its client base and maintaining profitability in a dynamic rate environment [3]