By Robb M. Stewart
Toronto-Dominion Bank forecast its stake in Charles Schwab will translate into roughly 190 million Canadian dollars (US$138.9 million) of reported equity in net income in the latest quarter, up from the about C$182 million it brought in a year earlier.
The big Canadian bank said that based on Schwab's results for the most recent three-month period, adjusted equity in net income for its investment will be about C$225 million after stripping out acquisition-related charges of about C$5 million and amortization of acquired intangibles of roughly C$30 million.
TD Bank secured a roughly 13.5% stake in Schwab with the U.S. brokerage's acquisition of TD Ameritrade. Schwab on Tuesday reported a 3% rise in net income from a year earlier to $1.33 billion in the second quarter of the year, and a 1% increase in revenue to $4.69 billion.
TD Bank is scheduled to release its fiscal third-quarter financial results Aug. 22.
Write to Robb M. Stewart at robb.stewart@wsj.com
(END) Dow Jones Newswires
07-17-24 0707ET