TD Bank Group says Schwab stake expected to add $182M in profit for Q3

TD Bank Group says its stake in Charles Schwab Corp. is expected translate into reported equity in net income of about C$182 million for its third quarter.

The Canadian bank says the results include acquisition-related charges of about C$16 million after-tax and amortization of acquired intangibles of about C$30 million after-tax.

TD says its adjusted equity in net income from its investment in Schwab will be about C$228 million in its third quarter.

Schwab reported Tuesday 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.

According to TD’s financial statements, the bank owns a 12% stake in Schwab.

TD will release its third-quarter financial results on Aug. 24.

In May, TD called off a US$13.4-billion deal to acquire U.S. bank First Horizon Corp., citing regulatory uncertainty around the takeover.

Staff, with files from The Canadian Press

The Canadian Press is a national news agency headquartered in Toronto and founded in 1917.