Charles Schwab reported Q3 2024 net income of $1.4 billion, up 25% year-over-year, with total net revenues increasing 5% to $4.8 billion. Core net new assets surged 109% to $95.3 billion, while total client assets reached $9.92 trillion, up 27% from Q3 2023. The company's consolidated Tier 1 Leverage Ratio improved to 9.7%.Asset management and administration fees rose 21% to $1.5 billion, driven by higher balances in money market funds and fee-based advice solutions. Net interest revenue remained relatively stable at $2.2 billion despite lower average interest-earning assets, as improved yields offset higher funding costs. Trading revenue increased 4% to $797 million on higher volumes.The company completed its final Ameritrade client transitions in May 2024 and has achieved approximately 95% of targeted cost synergies. Bank supplemental funding decreased by $8.9 billion during the quarter as client cash allocations stabilized. Management expects to realize remaining integration synergies by end of 2024, with full year benefits beginning in 2025.

Charles Schwab reported Q3 2024 net income of $1.4 billion, up 25% year-over-year, with total net revenues increasing 5% to $4.8 billion. Core net new assets surged 109% to $95.3 billion, while total client assets reached $9.92 trillion, up 27% from Q3 2023. The company's consolidated Tier 1 Leverage Ratio improved to 9.7%.Asset management and administration fees rose 21% to $1.5 billion, driven by higher balances in money market funds and fee-based advice solutions. Net interest revenue remained relatively stable at $2.2 billion despite lower average interest-earning assets, as improved yields offset higher funding costs. Trading revenue increased 4% to $797 million on higher volumes.The company completed its final Ameritrade client transitions in May 2024 and has achieved approximately 95% of targeted cost synergies. Bank supplemental funding decreased by $8.9 billion during the quarter as client cash allocations stabilized. Management expects to realize remaining integration synergies by end of 2024, with full year benefits beginning in 2025.