The Charles Schwab Corporation has revealed net income for the quarter ended 31 December 2006 of $467 million, up from $266 million for the ...

The Charles Schwab Corporation has revealed net income for the quarter ended 31 December 2006 of $467 million, up from $266 million for the third quarter of 2006 and from $187 million for the fourth quarter of 2005. For the year, the company's net income was a record $1.2 billion, compared with $725 million in 2005. The company's fourth quarter and full year results include a $205 million non-cash tax benefit relating to its pending sale of US Trust Chairman and chief executive Charles Schwab said: "In 2006, we sharpened our focus on individual investors and independent advisors with the sale of US Trust and the acquisition of The 401(k) Company. We also continued to build stronger client relationships and improve our financial performance. "Total client assets rose 18 per cent in 2006 to $1.2 trillion at year-end, while net new assets rose 33 per cent to $87 billion in our core Schwab Investor Services and Schwab Institutional businesses. These client metrics reflect our emphasis on value, performance and service." The Charles Schwab Corporation has more than 300 offices and 6.7 million client brokerage accounts, 542,000 corporate retirement plan participants and 147,000 banking accounts.