By Adriano Marchese
Toronto-Dominion Bank said it expects Charles Schwab Corp.'s fourth-quarter earnings to translate into about 231 million Canadian dollars, the equivalent of US$184.6 million, of reported equity in net income of an investment in Schwab for its fiscal first quarter.
With the acquisition of TD Ameritrade by Schwab, TD received a roughly 13.5% stake in Schwab.
The Canadian banking and financial services company said adjusted to exclude acquisition-related charges of about C$13 million after tax, as well as about C$34 million after-tax of amortization of acquired intangibles, it expects equity in net income of an investment in Schwab to be about C$278 million.
TD is scheduled to release its first-quarter results on March 3.
Write to Adriano Marchese at adriano.marchese@wsj.com
(END) Dow Jones Newswires
01-19-22 0704ET