Schwab’s Income Rises 16% In Second Quarter

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Schwab's Income Rises 16% In Second Quarter

(AP)

SAN FRANCISCO (CBS SF/AP) – Discount broker Charles Schwab Co. says its second-quarter income rose 16 percent as a gain in asset management fees helped offset a decline in trading revenue.

The San Francisco-based company reported net income Monday of $238 million, or 20 cents per share, for the three months ended June 30. That was up from $205 million, or 17 cents per share, in the same period a year ago. The results were slightly ahead of the 19 cents per share forecast by analysts surveyed by FactSet. Revenue rose 10 percent to $1.19 billion, in line with forecasts.

Asset management revenue rose 15 percent, and net interest revenue jumped nearly 18 percent. Those gains helped offset a 12 percent decline in trading revenue.

(Copyright 2011 by CBS San Francisco. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)

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