By Colin Kellaher
Toronto-Dominion Bank's stake in Charles Schwab will translate into about 74 million Canadian dollars ($53.5 million) of reported equity in net income of an investment in the bank's fiscal second quarter.
TD on Friday said that based on Schwab's results for the recent three-month period, its adjusted equity in net from an investment will be roughly C$83 million after stripping out C$9 million of amortization of acquired intangibles.
The Toronto banking giant, which acquired its stake in Schwab in 2020 as part of Schwab's $26 billion acquisition of TD Ameritrade, in February sold its remaining 10% stake in the brokerage and money-management firm for net proceeds of around C$20 billion.
TD, which is slated to report its second-quarter results on May 22, has said it expects to post an C$8.6 billion gain on the sale in the quarter.
Write to Colin Kellaher at colin.kellaher@wsj.com
(END) Dow Jones Newswires
April 18, 2025 08:10 ET (12:10 GMT)
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