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Greg Gable   Rich Fowler  
Charles Schwab   Charles Schwab  
Phone: 415-667-0473   Phone: 415-667-1841  


2013 Revenues Rise 11% to $5.4 Billion; Net Income Grows 15%

Total Client Assets Reach a Record $2.25 Trillion at Year-end, Up 15%

SAN FRANCISCO, January 16, 2014

– The Charles Schwab Corporation announced today that its net income for the fourth quarter of 2013 was $319 million, up 10% from $290 million for the third quarter of 2013, and up 51% from $211 million for the fourth quarter of 2012. Net income for the twelve months ended December 31, 2013 was $1.1 billion, up 15% from the year-earlier period. The company’s 2012 financial results include a pre-tax gain of $70 million, or $44 million after-tax, relating to the resolution of a vendor dispute and a non-recurring state tax benefit of $20 million.



Three Months Ended

--December 31,--


Twelve Months Ended

--December 31,--


Financial Highlights

        2013     2012     Change     2013     2012     Change  

Net revenues (in millions)

      $ 1,435      $ 1,215        18   $ 5,435      $ 4,883        11

Net income (in millions)

      $ 319      $ 211        51   $ 1,071      $ 928        15

Diluted earnings per common share

      $ .23      $ .15        53   $ .78      $ .69        13

Pre-tax profit margin

        34.7     28.3       31.4     29.7  

Return on average common stockholders’ equity (annualized)

        13     9       11     11  

CEO Walt Bettinger commented, “After a long period of progress masked by environmental headwinds, our standout financial performance in 2013 more clearly reflected the significant growth we’ve achieved with our “through clients’ eyes” strategy. Our contemporary full-service investing model helped drive further expansion of our client base, leading to $5.4 billion in net revenues and net income that exceeded $1 billion for the first time since 2008. We met our financial expectations for the year: revenue growth of 11% exceeded the rise in expenses by over 2 percentage points – the high end of our target range; our pre-tax profit margin was consistent with our objective of at least 30%; and earnings per share reached $0.78, north of our mid-$0.70s goal.”

“Our 2013 client metrics demonstrate why focusing on investor needs remains the right strategy for Schwab,” Mr. Bettinger continued. “Core net new assets of $140.8 billion were up 25% over the prior year and represented a 7% annual growth rate. We ended the year with 9.1 million active brokerage accounts and 916,000 banking accounts, up 3% and 6%, respectively, over year-end 2012. Of the record $2.25 trillion in assets entrusted to us by clients as of December 31, 2013, approximately half are receiving some form of ongoing advisory service, with $946 billion under the guidance of an independent advisor and $155 billion in client assets enrolled in one of our retail advisory solutions, increases of 20% and 22%, respectively.”


- 1 -

The following information was filed by Schwab Charles Corp (SCHW) on Thursday, January 16, 2014 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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