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Charles Schwab posts 7 percent fall in net profit

A man walks past a Charles Schwab Investment branch in Washington in this January 19, 2010 files. REUTERS/Jim Young/Files
A man walks past a Charles Schwab Investment branch in Washington in this January 19, 2010 files. REUTERS/Jim Young/Files

(Reuters) - Online broker Charles Schwab Corp posted a 7 percent fall in quarterly profit as growth in net new assets slowed and expenses rose.

The company's net profit fell to $256 million, or 18 cents per share, in the second quarter, from $275 million, or 20 cents per share, a year earlier. Revenue rose 4 percent to $1.34 billion.

(Reporting by Aman Shah in Bangalore)

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