Net income of $319M up 51% Y/Y on revenue of $1.435B up 18%. Pre-tax profit margin of 34.7% compares to 28.3% a year ago. ROE of 13% vs. 9%.
CEO Walt Bettinger: "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."
Core net new assets of $140.8B up 25% Y/Y. 9.1M active brokerage accounts and 916K banking accounts, up 3% and 6%, respectively.
CFO Joe Martinetto notes the firm's gains come even without much change in the interest rate environment which continues to put a hamper on earnings. Money market fund fee waivers of 182M compare to $142M a year ago (this on total firm net income of $319M for the Q).
SCHW +3% premarket