Charles Schwab's Q3 Earnings Beat Despite Declining Net Interest Revenue and Deposits

Charles Schwab reported Q3 earnings that beat analyst estimates, despite experiencing attrition due to the conversion of TD Ameritrade accounts. Clients have been moving funds from bank accounts to money market funds for better returns. Total net new assets decreased from the previous quarter, but September core net new assets showed signs of improvement. The company's adjusted EPS exceeded expectations, while net revenue remained in line with estimates. Schwab's stock rose slightly in premarket trading. Net interest revenue and trading revenue declined, while asset management and administration fees increased. Total expenses rose compared to the previous quarter.