TD Bank Expects C$178M Gain From Schwab Investment In Q3, Lowers Stake To 10.1% From 12.3%

Benzinga · 10/16 10:35

TD Bank Group (the "Bank") announced today that it expects The Charles Schwab Corporation's ("Schwab") third quarter earnings to translate into approximately CDN $178 million of reported equity in net income of an investment in Schwab for the Bank's fiscal 2024 fourth quarter. Excluding acquisition-related charges of approximately CDN $2 million after-tax and amortization of acquired intangibles of approximately CDN $27 million after-tax, adjusted equity in net income of an investment in Schwab will be approximately CDN $207 million.

On August 21, 2024, the Bank announced that it had sold 40.5 million shares of common stock of Schwab, which reduced the Bank's ownership interest in Schwab from 12.3% to 10.1%.

TD Bank Group will release its fourth quarter financial results and host an earnings conference call on December 5, 2024. Conference call and audio webcast details will be announced closer to that date.