Charles Schwab’s SCHW second-quarter 2021 adjusted earnings of 70 cents per share beat the Zacks Consensus Estimate by a penny. The bottom line grew 30% from the prior-year quarter.Results reflect solid client assets balance and rise in new brokerage accounts. These were driven by solid client activity, which supported revenues in the quarter. However, fee waivers and a surge in expenses were the undermining factors.Results excluded acquisition and integration-related costs, amortization of acquired intangibles and non-deductible charge related to the previously announced SEC probe. After considering these, net income available to common shareholders (GAAP basis) was $1.12 billion or 59 cents per share, up from $621 million or 48 cents per share in the year-ago quarter.Revenues & Expenses Jump on TD Ameritrade DealNet revenues were $4.53 billion, soaring 85% year over year on the back of the TD Ameritrade acquisition. The rise was driven by improvement in all revenue components. The top line surpassed the Zacks Consensus Estimate of $4.47 billion.Total non-interest expenses (GAAP basis) surged 80% year over year to $2.81 billion. Excluding non-recurring items, expenses were $2.51 billion, up 71%.The company recorded fee waivers of $85 million in the reported quarter.Pre-tax profit margin rose to 38.0% from 36.2% in the prior-year quarter.At the end of the second quarter, Schwab’s average interest-earning assets jumped 46% year over year to $530.6 billion.Annualized return on equity as of Jun 30, 2021, was 10%, on par with the prior-year quarter.Other Business MetricsAs of Jun 30, 2021, Schwab had total client assets of $7.6 trillion (up 84% year over year). During the reported quarter, net new assets — brought by new and existing clients — were $108.8 billion.Schwab added 1.66 million new brokerage accounts during the quarter. As of Jun 30, 2021, the company had 32.3 million active brokerage accounts, 1.6 million banking accounts and 2.1 million corporate retirement plan participants.Our ViewSchwab’s inorganic expansion efforts are expected to strengthen its position as a leading brokerage player. However, a dismal interest rate scenario will continue to hurt financials.The Charles Schwab Corporation Price, Consensus and EPS Surprise The Charles Schwab Corporation price-consensus-eps-surprise-chart | The Charles Schwab Corporation QuoteCurrently, Schwab carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.Earnings Release Dates of Other Investment BrokersWe now look forward to the upcoming quarterly results of Interactive Brokers Group, Inc. IBKR, Raymond James RJF and LPL Financial LPLA. Interactive Brokers is scheduled to announce quarterly numbers on Jul 20, while Raymond James and LPL Financial will release quarterly numbers on Jul 28 and Jul 29, respectively. More Stock News: This Is Bigger than the iPhone! It could become the mother of all technological revolutions. Apple sold a mere 1 billion iPhones in 10 years but a new breakthrough is expected to generate more than 77 billion devices by 2025, creating a $1.3 trillion market. Zacks has just released a Special Report that spotlights this fast-emerging phenomenon and 4 tickers for taking advantage of it. If you don't buy now, you may kick yourself in 2022.Click here for the 4 trades >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report The Charles Schwab Corporation (SCHW): Free Stock Analysis Report Interactive Brokers Group, Inc. (IBKR): Free Stock Analysis Report Raymond James Financial, Inc. (RJF): Free Stock Analysis Report LPL Financial Holdings Inc. (LPLA): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research