TD Bank Group says Charles Schwab investment will add $285M to bank's Q1 profit

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.

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The Canadian Press