NEW YORK (Reuters) - Charles Schwab Corp (SCHW.N), the discount brokerage pioneer that is expanding into fee-based advisory accounts, said on Thursday that third-quarter profit jumped 17 percent on higher trading commissions and interest revenue.
The San Francisco-based company’s net income totaled $376 million, or 28 cents a share, a penny higher than the average analyst estimate in a poll by Thomson Reuters I/B/E/S.
Revenue was boosted by heavy trading in late August as global markets were roiled by fears about the Chinese economy, but falling stock values curbed client enthusiasm as the quarter proceeded.
During the week of Aug. 24, Schwab processed 514,260 daily trades from clients who paid commissions or bond markups, compared with 294,888 daily trades the week of Sept. 28 to Oct. 2, according to Schwab data.
Reporting by Jed Horowitz; Editing by Jeffrey Benkoe