Schwab's income rises 16 percent in second quarter (AP)

SAN FRANCISCO ? Discount broker Charles Schwab Co. says its second-quarter income rose 16 percent as a gain in asset management fees helped offset a decline in trading revenue.

The San Francisco-based company reported net income Monday of $238 million, or 20 cents per share, for the three months ended June 30. That was up from $205 million, or 17 cents per share, in the same period a year ago.

The results were slightly ahead of the 19 cents per share forecast by analysts surveyed by FactSet.

Revenue rose 10 percent to $1.19 billion, in line with forecasts.

Asset management revenue rose 15 percent, and net interest revenue jumped nearly 18 percent. Those gains helped offset a 12 percent decline in trading revenue.

Source: http://us.rd.yahoo.com/dailynews/rss/earnings/*http%3A//news.yahoo.com/s/ap/20110718/ap_on_bi_ge/us_earns_charles_schwab

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