Dallas, Texas 10/22/2013 (Financialstrend) – Charles Schwab Corp (NYSE:SCHW) is a nationwide investment and brokerage firm. The $30.53 billion trading house announced its 3Q results on October 15. Post the results, the stock posted a hefty 15% increase in value in one single trading session. Since then it has gained 7% in market value last week and 10.77% in the past one month.
The robust results from Charles Schwab developed such a huge momentum at the browsers that it carried its peers TD Ameritrade Holding Corporation (NYSE:AMTD) & E*TRADE Financial Corporation (NASDAQ:ETFC) also along with it to higher valuations. These online brokerage firms have seen an increase in retail investor interest in their stocks over the past week of trading. The 3Q results prompted Charles Schwab Chief Executive Office Walt Bettinger to gush that these numbers represented the best ever quarterly revenue call out the company had made, if one discounts the stratospheric returns during the early days of dot com boom. TD Ameritrade gained close to AMTD +2.3%) and E*Trade gained half a percentage point during October 15, post the result announcement by Charles.
In the Q3, income from operations has gone up to $290 million. This is a 17% increase in net income when compared to 3Q of FY13 in 3Q12. Year to date the net income was at $1.4 billion which represents a 15% growth. The stand out numbers from the conference call was the asset growth achieved by this trading house. It stood at $43 billion which represents a 97% increase on a year on year compare. Revenue from interest came in at $506 million which is a 15.3% increase on a year on year basis. On the back of a blow out 3Q, the company reaffirmed its strong outlook for next fiscal year. At close of business on October 21, the stock was trading at $23.56 per share.