TD Bank Expects C$156 Million in 4Q Reported Profit Equity of Schwab Investment

By Dean Seal

Toronto-Dominion Bank expects Charles Schwab's quarterly earnings to translate into about 156 million Canadian dollars, or $114.4 million, of reported equity in net income of its investment in Schwab for the bank's fiscal fourth quarter.

The Canadian financial institution has roughly a 13.5% stake in Schwab through Schwab's acquisition of TD Ameritrade.

The expected after-tax adjusted equity in net income of the investment in Schwab will be about C$234 million, excluding acquisition-related charges of about C$13 million, restructuring charges of about C$35 million and amortization of acquired intangibles of about C$30 million, TD Bank said.

TD Bank is scheduled to release its fourth-quarter financial results on Nov. 30.

Write to Dean Seal at [e-mail]

(END) Dow Jones Newswires

10-17-23 0712ET