Financial services company The Charles Schwab Corporation (NYSE: SCHW) on Tuesday reported flat earnings for the third quarter of 2024, on an adjusted basis.
Total revenues increased 5% year-over-year to $4.85 billion in the September quarter. The topline benefitted from a 21% surge in asset management and administration fees.
Net income available to common stockholders was $1.41 billion or $0.71 per share in Q3, compared to $1.13 billion or $0.56 per share in the prior-year quarter. Adjusted profit remained unchanged year-over-year at $0.77 per share.
“Our momentum with clients continues to build following the successful completion of the Ameritrade conversion earlier this year. Third quarter net asset gathering of over $95 billion pushed year-to-date core net new assets to $252 billion,” said the company’s CEO Walt Bettinger.