CHICAGO, Oct 15 (Reuters) - Charles Schwab Corp said on Friday its adjusted quarterly profit rose 9 percent, beating expectations, even as persistently low interest rates and muted client trading weighed on the big brokerage and fund manager.
The online broker earned $124 million, or 10 cents per share in the third quarter, down from $200 million, or 17 cents, a year earlier.
Excluding an expected $94 million in one-time after-tax charges, related to customer fund losses and struggling credit card programs, Schwab earned $218 million in the quarter.
Revenue rose 5 percent to $1.06 billion.
Analysts on average had expected San Francisco-based Schwab to earn 9 cents per share, on $1.06 billion in revenue, according to Thomson Reuters I/B/E/S.
(Reporting by Ann Saphir, editing by Gerald E. McCormick) Keywords: SCHWAB/ (ann.saphir@thomsonreuters.com; +1-312-408-8592; Reuters Messaging: ann.saphir.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
The online broker earned $124 million, or 10 cents per share in the third quarter, down from $200 million, or 17 cents, a year earlier.
Excluding an expected $94 million in one-time after-tax charges, related to customer fund losses and struggling credit card programs, Schwab earned $218 million in the quarter.
Revenue rose 5 percent to $1.06 billion.
Analysts on average had expected San Francisco-based Schwab to earn 9 cents per share, on $1.06 billion in revenue, according to Thomson Reuters I/B/E/S.
(Reporting by Ann Saphir, editing by Gerald E. McCormick) Keywords: SCHWAB/ (ann.saphir@thomsonreuters.com; +1-312-408-8592; Reuters Messaging: ann.saphir.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.