Charles Schwab Reports Record Net Income for Q3 2021

The Charles Schwab Corporation (Charles Schwab), a US investment platform providing a full range of brokerage, banking and financial advisory services through its operating subsidiaries, has posted its financial results for the third quarter and first 9 months of 2021, revealing that its net income for Q3 hit the record of $1.5 billion, surging by YoY 119%, and for the 9 months ended September 30, at $4.3 billion, compared with $2.2 billion for the year-earlier period.

And the broker highlighted that its net interest revenue rose by 4% versus the second quarter of 2021. The quarterly core net new assets recorded $139.0 billion, up QoQ 28%, pushing asset gathering for the first 9 months of 2021 to $396.0 billion, representing an 8% annualized organic growth rate. Total clients assets ended September at $7.61 trillion, raising by 14% year-to-date.

Investors consistently turned to Charles Schwab as a trusted financial partner, opening over a million new brokerage accounts for the fourth consecutive quarter, bringing year-to-date new brokerage accounts to 6.0 million.