The Charles Schwab Corporation reported net income of $1.4 billion, or $0.71 diluted earnings per common share, for the third quarter of 2024. Excluding transaction-related costs, adjusted net income was $1.5 billion, or $0.77 adjusted diluted earnings per common share.
Total client assets increased 27% year-over-year to a record $9.92 trillion, with core net new assets reaching $95.3 billion in Q3, pushing the year-to-date total past $250 billion. Quarterly net revenues grew 5% year-over-year to $4.8 billion, driven by sustained investor engagement and market performance.
The company's adjusted pre-tax profit margin stood at 41.2% for the quarter, reflecting a diversified operating model and expense discipline. Schwab also reduced Bank Supplemental Funding by $8.9 billion sequentially, improving its balance sheet management.
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