EXHIBIT 99.1

News Release

Contacts:
 
cslogoa03.jpg
MEDIA:
Mayura Hooper
Charles Schwab
Phone: 415-667-1525
INVESTORS/ANALYSTS:
Rich Fowler
Charles Schwab
Phone: 415-667-1841

SCHWAB REPORTS RECORD QUARTERLY NET INCOME OF $923 MILLION, UP 49%
Revenues Grow 19% Year-Over-Year to $2.6 Billion, Marking Thirteen Consecutive Record Quarters
Core Net New Assets of $53.5 Billion Set a Third Quarter Record
 
SAN FRANCISCO, October 15, 2018 –
The Charles Schwab Corporation announced today that its net income for the third quarter of 2018 was a record $923 million, up 7% from $866 million for the prior quarter, and up 49% from $618 million for the third quarter of 2017. Net income for the nine months ended September 30, 2018 was $2.6 billion, up 46% from the year-earlier period.
 
 
Three Months Ended September 30,
 
%
 
Nine Months Ended September 30,
 
%
Financial Highlights
 
2018
 
2017
 
Change
 
2018
 
2017
 
Change
 
 
 
 
 
 
 
 
 
 
 
 
 
Net revenues (in millions)
 
$
2,579

 
$
2,165

 
19%
 
$
7,463

 
$
6,376

 
17%
Net income (in millions)
 
$
923

 
$
618

 
49%
 
$
2,572

 
$
1,757

 
46%
Diluted earnings per common share
 
$
.65

 
$
.42

 
55%
 
$
1.79

 
$
1.21

 
48%
Pre-tax profit margin
 
47.3
%
 
43.6
%
 
 
 
44.9
%
 
42.3
%
 
 
Return on average common
 
 
 
 
 
 
 
 
 
 
 
 
    stockholders’ equity (annualized)
 
20
%
 
15
%
 
 
 
19
%
 
15
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Note: All per-share results are rounded to the nearest cent, based on weighted-average diluted common shares outstanding.
 
CEO Walt Bettinger said, “Schwab’s unwavering focus on our ‘Through Clients’ Eyes’ strategy and disciplined execution have helped us set new performance records again and again. Clients opened 369,000 brokerage accounts in the third quarter, bringing our year-to-date new accounts to 1.2 million the highest nine-month total in our history. The company is growing through both our Retail channel and the registered investment advisors who custody on our platform. Households new to Retail rose 24% for the first nine months of 2018 compared to last year, with 53% of those new clients under the age of 40. Additionally, Advisor Services attracted 173 RIA teams to Schwab thus far in the year, a pace that beats all pre-2017 annual totals. Each of our two primary businesses helped propel total company core net new assets to $53.5 billion, a third quarter record. We’ve generated $172.5 billion in core net new assets year-to-date also surpassing all full-year totals prior to 2017. Client trading activity provided further evidence of ongoing engagement during the summer months. Against a backdrop of relatively stable markets, daily average trades reached 683,000, consistent with the second quarter and a third quarter record. In addition, clients continued to seek help and guidance through us; assets receiving ongoing advice marked a new high of $1.85 trillion at September 30th, up 15%. Total client assets grew 12% year-over-year, ending the quarter at a record $3.56 trillion.”

Mr. Bettinger added, “The consistent application of our ‘Virtuous Cycle’ has enabled us to drive growth, scale, and efficiency as we capture more market share. Since 2008, we have increased brokerage accounts over 50% and tripled our client asset base, all while driving down our ratio of expenses to client assets by a third a notable accomplishment for a U.S. investment services firm of our size, especially without any substantial acquisitions. And

- 1 -

The following information was filed by Schwab Charles Corp (SCHW) on Monday, October 15, 2018 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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