By Adriano Marchese


Toronto-Dominion Bank said Tuesday that it expects a higher contribution in its second quarter from Charles Schwab Corp.'s first-quarter results.

The Canadian financial institution said that it expects Schwab's first-quarter earnings to translate into about 241 million Canadian dollars, or about $179.9 million, of reported equity in net income of an investment for TD's fiscal 2023 second quarter.

Last year at this time, Schwab contributed C$202 million.

TD received a roughly 13.5% stake in Schwab as part of Schwab's acquisition of TD Ameritrade.

The bank said that on an adjusted basis, equity in net income of the Schwab investment will be around C$283 million. This figure excludes acquisition-related charges of approximately C$12 million after tax and amortization of acquired intangibles of around C$30 million after tax, it said.

TD said it expects to release its first-quarter financial results on May 25.


Write to Adriano Marchese at adriano.marchese@wsj.com


(END) Dow Jones Newswires

04-18-23 0659ET