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Rise in Client Assets Boosts Schwab Profit

U.S. discount brokerage Charles Schwab reported a higher quarterly profit Monday as client assets grew to a record high.

Net income from continuing operations for the third quarter rose to $323 million, or 27 cents per share, compared with $230 million, or 18 cents per share, in the year-ago quarter.

Schwab earned $1.5 billion, or $1.28 per share, during the quarter including a $1.2 billion after-tax gain from the sale of its U.S. Trust wealth management unit to Bank of America .