News Release

Mayura Hooper
Charles Schwab
Phone: 415-667-1525
Jeff Edwards
Charles Schwab
Phone: 415-667-1524

Core Net New Assets Total $42.7 Billion, Including a Record September of $20.0 Billion
Client Assets Total $4.40 Trillion, Up 17% Year-Over-Year

    SAN FRANCISCO, October 15, 2020
– The Charles Schwab Corporation announced today that its net income for the third quarter of 2020 was $698 million compared with $671 million for the second quarter of 2020, and $951 million for the third quarter of 2019. Net income for the nine months ended September 30, 2020 was $2.2 billion, compared with $2.9 billion for the year-earlier period. The company’s financial results for both the third quarter and first nine months of 2020 include certain acquisition and integration-related costs as well as the amortization of acquired intangibles, which together totaled $67 million and $203 million pre-tax, respectively. Unless otherwise noted, the results presented in this release exclude TD Ameritrade, which was acquired in October 2020.

The company’s financial presentations now include references to adjusted measures of expenses, net income, diluted earnings per common share, pre-tax profit margin, as well as return on tangible common equity (ROTCE), which are intended to help investors evaluate Schwab’s operating performance as well as facilitate a meaningful comparison of our current results to both historic and future periods.

Three Months Ended September 30,%Nine Months Ended September 30,%
Financial Highlights20202019Change20202019Change
Net revenues (in millions)$2,448 $2,711 (10)%$7,515 $8,115 (7)%
Net income (in millions)
GAAP$698 $951 (27)%$2,164 $2,852 (24)%
Adjusted (1)
$749 $958 (22)%$2,318 $2,873 (19)%
Diluted earnings per common share
GAAP$.48 $.70 (31)%$1.54 $2.05 (25)%
Adjusted (1)
$.51 $.70 (27)%$1.66 $2.07 (20)%
Pre-tax profit margin
GAAP36.3 %45.6 %37.6 %46.0 %
Adjusted (1)
39.1 %46.0 %40.3 %46.4 %
Return on average common
    stockholders’ equity (annualized)10 %20 %12 %20 %
Return on tangible
common equity (annualized) (1)
12 %21 %14 %22 %
Note: All per-share results are rounded to the nearest cent, based on weighted-average diluted common shares outstanding.
(1) Further details on non-GAAP financial measures and a reconciliation of such measures to reported results are included on pages 11-12 of this release.

- 1 -

The following information was filed by Schwab Charles Corp (SCHW) on Thursday, October 15, 2020 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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