TORONTO — TD Bank Group says The Charles Schwab Corp.'s third-quarter results are expected to translate into about $178 million of reported equity in net income for the Canadian bank's fourth quarter.
TD says that excluding about $2 million after-tax in acquisition-related charges and $27 million after-tax in amortization of acquired intangibles, its adjusted equity in net income from its investment in Schwab will be $207 million.
TD is expected to release its full fourth-quarter results on Dec. 5.
Schwab, which keeps its books in U.S. dollars, reported Tuesday a third-quarter profit of US$1.41 billion, up from US$1.13 billion a year earlier.
On an adjusted basis, Schwab says it earned US$1.53 billion in its latest quarter compared with US$1.52 billion in the same quarter last year.
TD announced in August that it had sold 40.5 million Schwab shares. The sale reduced its interest in Schwab to 10.1 per cent from 12.3 per cent.
This report by The Canadian Press was first published Oct. 16, 2024.
Companies in this story: (TSX:TD)
The Canadian Press