Reply #28: Schwab's 4Q Profit More Than Doubles

[citizen snips]

SAN FRANICSCO (AP) -- Charles Schwab Corp.'s fourth-quarter earnings more than doubled to lift the stock brokerage's annual profit above $1 billion for the first time in its history.

The San Francisco-based company said Wednesday that it earned $467 million, or 37 cents per share, during the final three months of 2006. That compared with net income of $187 million, or 14 cents per share, at the same time in 2005.

Revenue for the period totaled $1.1 billion, a 14 percent increase from $964 million in the prior year. Schwab adjusted the revenue to focus on its remaining operations after the company completes a $3.3 billion sale of its wealth management subsidiary, U.S. Trust, to Bank of America Corp. later this year.

That deal had a major impact on Schwab's fourth-quarter profit, generating a non-cash tax benefit of $205 million.

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http://biz.yahoo.com/ap/070117/earns_charles_schwab.html?.v=2