Summary Box: Schwab's income rises 16 percent

AP News
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Posted: Jul 18, 2011 12:42 PM
Summary Box: Schwab's income rises 16 percent

EARNINGS RISE: Discount broker Charles Schwab Inc. said its second-quarter earnings rose 16 percent, to $238 million, or 20 cents per share. That's up from $205 million, or 17 cents per share, in last year's second quarter.

REVENUE GAIN: Revenue rose 10 percent to $1.19 billion from $1.08 billion.

ADVISORY BOOM: Schwab's total assets for which clients receive investment advisory services rose 17 percent to $811 billion. That increase helped Schwab bring in more revenue from asset management and administration fees, and from interest it earned on its accounts. Trading revenue fell 12 percent as stock trading slumped.