Charles Schwab quarterly net income rises 16 percent

July 18, 2011 1:00 PM EDT

Charles Schwab Corp said quarterly earnings rose 16 percent as clients invested more assets with the U.S. brokerage giant and reduced their cash holdings to pre-crisis levels.

Net income for the second quarter was $238 million, or 20 cents a share, compared with $205 million, or 17 cents a share, a year earlier.

Revenue at San Francisco-based Schwab rose 10 percent to $1.19 billion.

(Reporting by John McCrank; editing by John Wallace)

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