Charles Schwab reported that for the quarter ended Dec. 31, 2005, the company's net income was $187 million, which is impressive when compared to the $53 million for the fourth quarter of 2004. For the year ended Dec. 31, the company's net income was a whopping $725 million, compared with net income of $286 million in 2004.
"Throughout 2005, we have focused on restoring our value proposition, reconnecting with our clients and improving our financial performance," Chairman and CEO Charles Schwab said in a statement. "During the year, we completed a series of price reductions representing an investment in our clients of more than $375 million annually. We also made great progress in building stronger client relationships. In December alone, clients brought $9 billion in net new assets to the company, the seventh straight month of net new assets in excess of $6 billion."