Charles Schwab Corp. (NYSE: SCHW) shares rose around 2% in intra-day trading on Thursday after the brokerage reported third-quarter earnings and revenue that exceeded analyst expectations, fueled by record client asset growth.

The company posted earnings per share of $1.31, ahead of the $1.23 consensus forecast. Revenue surged 27% year-over-year to $6.14 billion, topping expectations of $5.97 billion.

Core net new assets reached $137.5 billion during the quarter, a 44% increase from a year earlier, while total client assets grew 17% to an all-time high of $11.59 trillion.

The firm reported an annualized return on average common equity of 21%, compared with 14% in the prior-year period. Annualized return on tangible common equity climbed to 38% from 31% last year.

Management said the results underscored Schwab's continued success in expanding its client base and maintaining profitability in a dynamic rate environment.