A person walks past a TD Bank sign in the financial district in Toronto on Tuesday, Sept. 20, 2022. TD Bank Group says it expects its investment in 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.THE CANADIAN PRESS/Alex Lupul
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)
