BlackRock, Inc. (NYSE:BLK) and Charles Schwab Corp (NYSE:SCHW) released their second quarter results before opening bell this morning. BlackRock posted earnings of $4.89 per share, excluding items, on revenue of $2.78 billion, a 12% increase. Analysts had been expecting the firm to report earnings per share of $4.46 on $2.72 billion in revenue.

BlackRock, Inc. Beats Estimates, Charles Schwab Corp In Line

Charles Schwab posted earnings per share of 23 cents, which was in line with consensus estimates at 23 cents per share. Revenue was $1.48 billion, compared to analyst estimates of $1.47 billion for the quarter.

Breaking down BlackRock’s earnings

BlackRock reported $808 million in profits or $4.72 per share. That’s compared to $4.19 per share or $729 million in the same quarter a year ago. The firm cited a surge in assets under management as the driver for its increases in profits and revenue.

The firm had $4.59 trillion in assets under management at the end of the quarter, which is a 19% year over year increase and a 4.4% sequential increase. Long-term net inflows were $38.02 billion, while retail inflows were $13.13 billion. The firm’s iShares exchange-traded-fund segment reported $30.45 billion in net inflows.

Breaking down Charles Schwab’s earnings

Charles Schwab posted $324 million in net income for the second quarter, compared to $326 million for the first quarter and $256 million in the same quarter a year ago. Net income for the six months ending June 30 was $650 million, a 41% increase year over year. Total client assets hit $2.4 trillion, a new record and a 17% year over year increase. Net new assets were $11.5 billion last month and $22.7 billion in all of the second quarter.

The firm’s bank reported $103.7 billion on its balance sheets and outstanding mortgage and home equity loans of $11.1 billion. It posted $605 million in first mortgage originations during the quarter and .32% in delinquency ratio. The bank’s nonaccrual ratio was .29%, while its loss reserve ratio was .32%.

Charles Schwab reported $19 billion in client assets managed by its Windhaven segment and $5.7 billion in client assets managed by ThomasPartners.