Charles Schwab, the largest
independent US discount brokerage house, has reported net income of
$218 million for the first quarter of 2009, down 29 percent from
the first quarter of 2008.

At Charles Schwab Bank, the group’s retail
banking subsidiary, balance sheet assets were up 68 percent
year-on-year to $28.4 billion. Outstanding mortgage and home equity
loans were up 56 percent to $6.1 billion.

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The number of bank accounts and retirement
plan participants totaled 508,000 and 1.5 million at quarter-end,
up 60 percent and 20 percent, respectively, from March 2008
levels.

And in addition to $25 billion in net new
assets during the quarter, brokerage clients opened 207,000 new
brokerage accounts to bring the total number of active brokerage
accounts to 7.5 million, up 4 percent year-over-year.

CEO Walt Bettinger said that, although the
market environment remained challenging for investors, the latter
part of the quarter did “show some glimpses of improvement”.

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