TD Expects Smaller 2Q Contribution From Charles Schwab Investment
April 19 2022 - 7:37AM
Dow Jones News
By Adriano Marchese
Toronto-Dominion Bank said it expects a lower contribution to
the bank's second quarter from its investment in Charles Schwab
Corp. compared with a year earlier.
TD said it expects Schwab's first-quarter earnings to translate
into around 202 million Canadian dollars--the equivalent of
US$160.2 million--of reported equity in net income of the
investment in Schwab for TD's second-quarter results.
Last year at this time, Schwab contributed C$246 million in
earnings.
TD received a roughly 13.5% stake in Schwab as part of Schwab's
acquisition of TD Ameritrade.
The bank said that on an adjusted basis, equity in net income of
the Schwab investment will be around C$248 million. This figure
excludes acquisition-related charges of approximately C$12 million
after tax and amortization of acquired intangibles of around C$34
million after tax, it said.
TD said it will release its second-quarter results on May
26.
Write to Adriano Marchese at adriano.marchese@wsj.com
(END) Dow Jones Newswires
April 19, 2022 07:22 ET (11:22 GMT)
Copyright (c) 2022 Dow Jones & Company, Inc.
Toronto Dominion Bank (TSX:TD)
Historical Stock Chart
From Aug 2024 to Sep 2024
Toronto Dominion Bank (TSX:TD)
Historical Stock Chart
From Sep 2023 to Sep 2024