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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