The leading discount broker came through with another healthy quarter, and that's saying plenty in an environment in which full-service giants like Bear Stearns
Net revenue climbed 13% to top $1.3 billion during the first three months of the year. The bottom line clocked in even stronger, with profits from continuing operations climbing 29% -- or rising a sharp 37% on a diluted-share basis, to $0.26 a share.
Perhaps more important than the impressive income statement is the continued customer influx Schwab enjoys. The company landed $41.3 billion in net new assets during the period, closing out the quarter with $1.4 trillion in assets under its watch.
That's huge, because market volatility was going to help the top and bottom lines. It's definitely been a wild start to 2008. However, even with lower stock prices and plummeting fixed income yields, investors are still trusting Schwab -- and their own portfolio-managing judgment -- with more of their money. Those customers are sticking by Schwab even as banking giants like Bank of America
Naturally, we'll want to see how TD AMERITRADE
Schwab's strong showing hints at solid results. Now let's see whether the rest of the industry backs that up.
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Longtime Fool contributor Rick Munarriz has been trading exclusively through discount brokers since 1990, but he does not own shares in any of the companies in this story. The Fool has a disclosure policy. He is also part of the Rule Breakers newsletter research team, seeking out tomorrow's ultimate growth stocks a day early.