TD Bank Group says Schwab stake expected to add C$182M in profit for Q3

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.

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