TD Bank says Charles Schwab stake expected to add $156M for Q4

TD Bank Group says its stake in Charles Schwab Corp. is expected to translate into $156 million of reported equity in net income for its fourth quarter.

The Toronto-based bank says excluding about $13 million in acquisition-related charges after-tax, about $35 million in restructuring charges after-tax, and approximately $30 million in amortization of acquired intangibles after-tax, its adjusted equity in net income from its investment in Schwab will be about $234 million for the quarter.

Schwab reported its third-quarter results on Monday.

It said it earned net income of US$1.13 billion for the quarter that ended Sept. 30, down from US$2.02 billion in the same quarter last year.