TD Bank comments on expected impact of Schwab’s Q3 earnings

TD Bank Group (TD) announced that it expects The Charles Schwab Corporation’s (SCHW) third quarter earnings to translate into approximately C$178M 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 C$2M after-tax and amortization of acquired intangibles of approximately C$27M after-tax, adjusted equity in net income of an investment in Schwab will be approximately C$207M. On August 21, 2024, the Bank announced that it had sold 40.5M shares of common stock of Schwab, which reduced the Bank’s ownership interest in Schwab from 12.3% to 10.1%.