By Adriano Marchese
Toronto-Dominion Bank expects higher contribution in its third quarter from its investment in Charles Schwab Corp.
The Canadian bank--which has roughly a 13.5% stake in Schwab through the acquisition of TD Ameritrade by Schwab--said it expects around 268 million Canadian dollars, or US$206.4 million, in net income from the investment.
Last year at this time, the company reported C$170 million from its investment in Schwab.
Excluding certain acquisition-related charges and amortization of acquired intangibles, adjusted equity in net income of an investment in Schwab will be approximately C$315 million, TD Bank said.
The company said it will release third-quarter results on Aug. 25.
Write to Adriano Marchese at adriano.marchese@wsj.com
(END) Dow Jones Newswires
07-19-22 0705ET