By Karishma Vanjani 

Charles Schwab was rising Friday after the discount broker posted better-than-expected earnings, which were boosted by a jump in client assets.

The stock rose 3.13% to $80.56. Shares ended Thursday at a closing record high of $78.11.

Charles Schwab (ticker: SCHW) reported third-quarter adjusted earnings of 84 cents a share, beating analysts' estimates by 3 cents. Revenue rose to $4.57 billion, up 87% from $2.45 billion a year earlier and higher than forecasts.

Schwab's core net new assets for the latest quarter were $139 billion, while total client assets rose to $7.61 trillion, up from $6.69 trillion the previous year.

While the third quarter is often viewed as a slower period for client activity, engagement levels showed persistent strength through the summer months, the company said in a press release.

"I am incredibly proud of all the great work our team of talented employees have poured into serving our clients and each other this year and throughout the pandemic," said CEO Walt Bettinger.

Net income increased to $1.53 billion, up 119% from $698 million in the year-ago period.

Schwab stock has gained 51.3% this year vs. a gain of18.8 for the S&P 500. The S&P Financial Select Sector index has risen more than 32%.

Write to Karishma Vanjani at karishma.vanjani@dowjones.com