- TD Bank (TSX:TD; NYSE:TD) revealed Charles Schwab’s Q3 results are expected to translate to C$178 million of equity in net income for its Q4
- Excluding roughly C$2 million after-tax in acquisition-related charges and C$27 million after-tax in amortization of acquired intangibles, TD’s adjusted equity in net income from its investment in Schwab will be C$207 million
- Charles Schwab Corp. reported a Q3 profit of US$1.41 billion, up from last year’s US$1.13 billion
- TD Bank stock last traded at C$77.68 per share
TD Bank (TSX:TD; NYSE:TD) revealed Charles Schwab’s Q3 results are expected to translate to C$178 million of equity in net income for its Q4.
Via a media release, the Canadian bank explained that excluding roughly C$2 million after-tax in acquisition-related charges and C$27 million after-tax in amortization of acquired intangibles, its adjusted equity in net income from its investment in Schwab will be C$207 million.
Charles Schwab Corp. keeps its books in U.S. dollars and reported a Q3 profit of US$1.41 billion, up from last year’s US$1.13 billion.
On an adjusted basis, Schwab stated it earned US$1.53 billion in its latest quarter compared with US$1.52 billion in the same quarter last year.
Back in August, Toronto-Dominion Bank announced 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.
TD is expected to release its full Q4 2024 results on Dec. 5.
The Toronto-Dominion Bank and its subsidiaries are collectively known as TD Bank Group. TD is the sixth largest bank in North America by assets and serves more than 27.5 million customers. TD had $1.97 trillion in assets on April 30, 2024.
TD Bank stock (TSX:TD) last traded at C$77.68 per share and has fallen 9.27 per cent since the year began.
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