TD Bank Expects Lower Contribution from Charles Schwab Investment in 3Q
19 July 2023 - 9:16PM
Dow Jones News
By Adriano Marchese
Toronto-Dominion Bank said Wednesday that it expects a lower
contribution in its third quarter from its investment in Charles
Schwab.
The Canadian financial institution--which has roughly a 13.5%
stake in Schwab through the acquisition of TD Ameritrade by
Schwab--said it expects around 182 million Canadian dollars, or
$138.2 million, in net income from the investment.
Last year at this time, TD Bank reported income of C$268 million
for its investment.
In its second quarter, Charles Schwab, a Westlake, Texas-based
financial services company, posted profit of $1.294 billion, or 64
cents a share, compared with $1.793 billion, or 87 cents a share,
in the same period a year earlier.
Profit, however, came in ahead of the 62 cents a share estimated
by analysts polled by FactSet.
Excluding certain acquisition-related charges and amortization
of acquired intangibles, adjusted equity in net income of an
investment in Schwab will be C$228 million, TD Bank said
Wednesday.
The bank is expected to release its third-quarter results on
Aug. 24.
Write to Adriano Marchese at adriano.marchese@wsj.com
(END) Dow Jones Newswires
July 19, 2023 07:01 ET (11:01 GMT)
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