TD Bank Group says Charles Schwab investment will add $285M to bank’s Q1 profit
Posted Jan 19, 2023 04:12:47 PM.
TORONTO — TD Bank Group says it expects its investment in the Charles Schwab Corp. will translate into reported equity in net income of about $285 million for the first-quarter of the bank’s 2023 financial year.
TD says the result includes $13 million in acquisition-related charges and $30 million in amortization of acquired intangibles after-tax.
The Canadian bank says excluding those items, its adjusted equity in net income from its investment in Schwab will be about $328 million.
According to the bank’s financial statements for its fourth quarter of 2022, TD holds a 12 per cent stake in Schwab.
The U.S. financial services firm reported Wednesday a fourth-quarter profit of US$2 billion, up from US$1.6 billion in the same quarter a year earlier.
TD is scheduled to release its first-quarter results on March 2.
This report by The Canadian Press was first published Jan. 19, 2023.
Companies in this story: (TSX:TD)
The Canadian Press
