Exhibit 99.1

 

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News Release

Contacts:

 

MEDIA:    INVESTORS/ANALYSTS:     
Greg Gable    Rich Fowler   
Charles Schwab    Charles Schwab   
Phone: 415-667-0473    Phone: 415-667-1841   

SCHWAB REPORTS FOURTH QUARTER NET INCOME UP 29% YEAR-OVER-YEAR

Sustained Client Focus and Financial Discipline Yielded Profitable Growth in 2012

December Core Net New Assets Total a Record $22.6 Billion

SAN FRANCISCO, January 16, 2013

– The Charles Schwab Corporation announced today that its net income for the fourth quarter of 2012 was $211 million, down 15% from $247 million for the third quarter of 2012, and up 29% from $163 million for the fourth quarter of 2011. Net income for the twelve months ended December 31, 2012 was $928 million, up 7% year-over-year. Schwab’s 2012 results include an after-tax gain of approximately $44 million relating to the resolution of a vendor dispute and a non-recurring state tax benefit of approximately $20 million, which were recorded in the second and third quarters, respectively.

 

     

Three Months Ended

--December 31,--

      %    

Twelve Months Ended

--December 31,--

      %  

Financial Highlights

   2012     2011     Change     2012     2011     Change  

Net revenues (in millions)

   $ 1,215      $  1,113        9   $ 4,883      $  4,691        4

Net income (in millions)

   $ 211      $ 163        29   $ 928      $ 864        7

Diluted earnings per common share

   $ .15      $ .13        15   $ .69      $ .70        (1 %) 

Pre-tax profit margin

     28.3     22.6       29.7     29.7  

Return on average common stockholders’ equity (annualized)

     9     8       11     12  

CEO and President Walt Bettinger commented, “Our ‘through clients’ eyes’ strategy helped build investor trust in Schwab and supported another year of outstanding growth for our company in 2012. Our individual client loyalty scores reached new highs during the year, and our client metrics ended strongly, with December core net new assets totaling a record $22.6 billion, 28% higher than the previous record set in March 2008. Core net new assets totaled $112.4 billion for 2012, up 37% over the prior year. We ended the year with a record $1.95 trillion in total client assets, up 16% over December 2011. We added 900,000 new brokerage accounts to our client base during 2012, and active brokerage accounts reached a record 8.8 million at year-end, up 3% year-over-year. In addition, we served 865,000 banking accounts and 1.6 million corporate retirement plan participants as of month-end December 2012, up 11% and 5%, respectively.”

“By continuing to challenge the status quo in investing services we believe that both our clients and the company win,” Mr. Bettinger said. “Our progress in completing and delivering a number of significant innovations in our client service capabilities remained on track throughout 2012. For example, our new index-based 401(k) offering has 41 companies committed to participate and more than 200 actively considering enrollment; our new independent branches were open in 12 locations by year-end; and our expanded mobile and tablet solutions are already being utilized by over half a million clients.”


The following information was filed by Schwab Charles Corp (SCHW) on Wednesday, January 16, 2013 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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