TD Bank Lays Out Effect of Schwab's 1Q Earnings

By Dave Sebastian

TD Bank Group Friday laid out the effects of Charles Schwab Corp.'s first-quarter earnings on its fiscal second quarter.

With the acquisition of TD Ameritrade by Schwab, TD received a roughly 13.5% stake in Schwab. TD said it expects Schwab's first-quarter earnings to translate into about 223 million Canadian dollars ($178.3 million) of reported equity in net income of an investment in Schwab for its fiscal second quarter.

Adjusted equity in net income of an investment in Schwab will be about C$272 million, TD said. That excludes acquisition-related charges of about C$15 million after taxes and amortization of acquired intangibles of about C$34 million after taxes.

TD will release its quarterly results May 27, it said.

Write to Dave Sebastian at dave.sebastian@wsj.com

(END) Dow Jones Newswires

April 16, 2021 07:01 ET (11:01 GMT)

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