Charles Schwab announced its outlook for the third quarter Tuesday, saying it is likely to meet or beat the Streets projections with a profit of at least 9 cents a share, Reuters reports. Furthermore, Chief Financial Officer Christopher Dobbs told Reuters that customer trading has returned to robust levels.
In the first nine days of the month, there were an average of 164,000 trades a day a 29% increase from the month before. In addition, assets under managed stood at $875.9 billion, up 14% from a year earlier. Furthermore, margin loans, which are quite profitable for brokerages, have increased to a current level of $7.5 billion at Schwab.