Oct 16 Reuters Charles Schwab39;s thirdquarter profit edged past Wall Street estimates on Monday as strong growth in its asset management business more than made up for a fall in its net interest revenue.

Shares of the U.S. brokerage firm surged 5.4 to 54.08 and were set for their best day in nearly three months, after Schwab reported a 17 rise in fees to 1.22 billion due to robust inflows into its many funds.

The company, which relies primarily on clients39; uninvested cash to fund its interestearning businesses, is among the financial firms facing a drop in customer deposits.

The Federal Reserve39;s actions are slowing the rate of inflation, but at a significant cost to the markets, to consumers, to investors and to firms like Schwab, Charles Schwab39;s CEO and CoChairman Walter William Bettinger said.

The Westlake, Texasbased company had said in August it would lay off staff and close or downsize some corporate offices as part of its costcutting plans.

Charles Schwab39;s net interest revenue tumbled 23.5, to 2.24 billion in the third quarter, reflecting the impact of client allocation decisions within a higherinterestrate environment, it said.

Its quarterly revenue dropped 16.2, to 4.61 billion, compared to the same quarter last year, missing analysts39; average estimate of 4.63 billion, according to LSEG data.

Excluding onetime costs, the company posted a profit of 77 cents per share for the third quarter. Analysts had expected 74 cents per share, according to…