(Toronto) TD Bank said Tuesday that its stake in Charles Schwab should result in net income of about $156 million in its fourth quarter results.
This amount includes costs of approximately $13 million after tax related to the acquisition, restructuring costs of approximately $35 million after tax and amortization of intangible assets of approximately $30 million after tax, the Toronto bank said.
Excluding these charges, TD calculates that its Schwab stake’s share of adjusted net income would be approximately $234 million in the fourth quarter.
Schwab released its third-quarter financial results on Monday. The firm posted net profit of US$1.13 billion for its quarter ended September 30, down from US$2.02 billion in the same quarter last year.
The American financial services firm’s adjusted profit amounted to US1.52 billion, compared to US2.21 billion in the previous third quarter.
TD Bank is scheduled to report its fourth quarter results on November 30.
Company in this dispatch: (TSX: TD)
