TD Bank Says Charles Schwab Stake Expected to Add C$141 Million for 1Q
18 January 2024 - 11:28PM
Dow Jones News
By Robb M. Stewart
Toronto-Dominion Bank forecast its stake in Charles Schwab will
translate into roughly 141 million Canadian dollars ($104.4
million) of reported equity in net income in the latest
quarter.
The Canadian lender said that based on Schwab's results for the
most recent quarter, it adjusted equity in net income for its
investment of about C$230 million after stripping out
acquisition-related charges of about C$9 million, restructuring
charges of C$27 million, a Federal Deposit Insurance Corp. special
assessment of C$22 million and amortization of acquired intangibles
of C$31 million.
Schwab on Wednesday reported net income of $1.05 billion on
revenue of $4.46 billion for the quarter ended Dec. 31, down from
$1.97 billion on revenue of $5.5 billion a year earlier.
TD Bank is scheduled to release its fiscal first-quarter
financial results Feb. 29.
Write to Robb M. Stewart at robb.stewart@wsj.com
(END) Dow Jones Newswires
January 18, 2024 07:13 ET (12:13 GMT)
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