(Toronto) TD Bank said Wednesday that its stake in Charles Schwab is expected to result in net income of about $182 million in its third quarter results.
The Canadian bank explained that this amount included acquisition-related costs of about 16 million after tax and amortization of intangible assets of about 30 million after tax.
Excluding these charges, TD calculates that the adjusted net income share of its Schwab stake would be approximately $228 million for the third quarter.
Schwab posted second-quarter net profit of US$1.3 billion on Tuesday, which compared with net profit of US$1.8 billion in the same quarter a year earlier.
The US financial services firm’s adjusted profit for the quarter ended June 30 was $1.5 billion, compared to $2 billion in the same quarter last year.
TD will release its third quarter financial results on August 24.
Company in this story: (TSX: TD)