Published on 07/19/2023 at 13:59
The Canadian bank said that this amount included approximately $16 million after-tax acquisition-related costs and approximately $30 million after-tax amortization of intangible assets. (Photo: The Canadian Press)
TORONTO — TD Bank announced on Wednesday that its stake in Charles Schwab is expected to add about $182 million in net income to its third-quarter results.
The Canadian bank said that this amount included approximately $16 million after-tax acquisition-related costs and approximately $30 million after-tax amortization of intangible assets.
Excluding these charges, TD estimates that the adjusted net income portion of its Schwab holding would be approximately $228 million in the third quarter.
Schwab on Tuesday reported net income of $1.3 billion for the second quarter, compared to net income of $1.8 billion in the year-ago quarter.
The US financial services company’s adjusted earnings for the quarter ended June 30 were $1.5 billion, compared to $2 billion in the same quarter last year.
TD will release its third quarter financial results on August 24th.
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