Toronto-based TD Bank Group anticipates a significant income boost from its 13.5% stake in Charles Schwab (NYSE: SCHW ) Corp., acquired through the latter's buyout of TD Ameritrade. The bank projects a net equity income of C$156 million ($114.4 million) for Q4 from Schwab's quarterly earnings.
The bank's calculations take into account various post-acquisition costs, including charges related to the acquisition, restructuring expenses, and the amortization of purchased intangibles. After adjusting for these factors, TD Bank expects its after-tax adjusted net income from the Schwab investment to stand at approximately C$234 million.
These estimates are set to be included in TD Bank's Q4 financial results, which are scheduled for disclosure on November 30, 2023.
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