TD says Charles Schwab stake expected to add $182 million in Q3 profit
financialpost.comTORONTO — TD Bank Financial Group says its stake in Charles Schwab Corp. is expected to translate into reported equity in net income of about $182 million for its third quarter.
The bank says the results include acquisition-related charges of about $16 million after tax and amortization of acquired intangibles of about $30 million after tax.
TD says its adjusted equity in net income from its investment in Schwab will be about $228 million in its third quarter.
Schwab reported July 18 net income of US$1.3 billion in its second quarter, down from US$1.8 billion in the same quarter a year earlier.
Its adjusted profit for the quarter ended June 30 totalled US$1.5 billion, down from US$2 billion in the same quarter last year.
TD will release its third-quarter financial results on Aug. 24.
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