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TORONTO – TD Bank Group says its stake in Charles Schwab Corp. is expected to translate into $156 million of reported equity in net income for its fourth quarter.

The Toronto-based bank says excluding about $13 million in acquisition-related charges after-tax, about $35 million in restructuring charges after-tax, and approximately $30 million in amortization of acquired intangibles after-tax, its adjusted equity in net income from its investment in Schwab will be about $234 million for the quarter.

Schwab reported its third-quarter results on Monday.

It said it earned net income of US$1.13 billion for the quarter that ended Sept. 30, down from US$2.02 billion in the same quarter last year.

Its adjusted profit for the quarter totalled US$1.52 billion, down from an adjusted profit of US$2.21 billion a year earlier.

TD is expected to report its full fourth-quarter results on Nov. 30.

This report by The Canadian Press was first published Oct. 17, 2023.

Companies in this story: (TSX:TD)

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