TD Bank Lays Out Effects of Schwab's 4Q

By Adriano Marchese

Toronto-Dominion Bank said it expects Charles Schwab Corp.'s fourth-quarter earnings to translate into about 231 million Canadian dollars, the equivalent of US$184.6 million, of reported equity in net income of an investment in Schwab for its fiscal first quarter.

With the acquisition of TD Ameritrade by Schwab, TD received a roughly 13.5% stake in Schwab.

The Canadian banking and financial services company said adjusted to exclude acquisition-related charges of about C$13 million after tax, as well as about C$34 million after-tax of amortization of acquired intangibles, it expects equity in net income of an investment in Schwab to be about C$278 million.

TD is scheduled to release its first-quarter results on March 3.

Write to Adriano Marchese at adriano.marchese@wsj.com

(END) Dow Jones Newswires

January 19, 2022 07:04 ET (12:04 GMT)

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