Charles Schwab 4Q net income rises 16 percent

SAN FRANCISCO (AP) -- Discount broker Charles Schwab Corp. said Wednesday that its fourth-quarter net income rose 16 percent, helped by higher asset management and administration fees.

After the payment of preferred dividends, the San Francisco-based company earned $189 million, or 15 cents per share, in the three months through Dec. 31. That's up from $163 million, or 13 cents per share, in the same quarter last year.

Revenue rose 9 percent to $1.22 billion from $1.11 billion.

The results matched Wall Street predictions. Analysts, on average, expected a profit of 15 cents per share on $1.21 billion in revenue, according to a FactSet poll.

Revenue from asset management and administration fees jumped 18 percent to $539 million, while interest revenue rose 7 percent to $467 million. Trading revenue fell 13 percent to $202 million.

The company ended 2012 with $1.95 billion in total client assets, up 16 percent from the end of 2011.

For all of 2012, net income rose to $883 million from $864 million in 2011. On a per-share basis, earnings fell to 69 cents from 70 cents, because Charles Schwab had more shares outstanding in 2012.

Revenue rose to $4.88 billion in 2012 from $4.69 billion.

Shares fell 17 cents, or 1.1 percent, to $15.13 in morning trading.