TORONTO — TD Bank Group says its stake in Charles Schwab Corp. is expected translate into reported equity in net income of about C$182 million for its third quarter.
The Canadian bank says the results include acquisition-related charges of about C$16 million after-tax and amortization of acquired intangibles of about C$30 million after-tax.
TD says its adjusted equity in net income from its investment in Schwab will be about C$228 million in its third quarter.
Schwab reported Tuesday net income of US$1.3 billion in its second quarter, down from US$1.8 billion in the same quarter a year earlier.
Its adjusted profit for the quarter ended June 30 totalled US$1.5 billion, down from US$2 billion in the same quarter last year.
TD will release its third-quarter financial results on Aug. 24.
This report by The Canadian Press was first published July 19, 2023.
Companies in this story: (TSX:TD)
The Canadian Press
