Toronto-Dominion Bank announced on Wednesday that it anticipates a reduced contribution in its third quarter from its investment in Charles Schwab. The Canadian financial institution currently holds a 13.5% stake in Schwab following the acquisition of TD Ameritrade by Schwab. The bank estimates a net income of approximately 182 million Canadian dollars, equivalent to $138.2 million, from this investment.
In contrast, during the same period last year, TD Bank reported an income of C$268 million from its investment. The decline in expected income demonstrates the impact of financial market conditions on the performance of the investment.
In the second quarter, Charles Schwab, a financial services company based in Westlake, Texas, recorded a profit of $1.294 billion or 64 cents per share. This performance surpassed analysts’ predictions of 62 cents per share, as reported by FactSet. It is worth noting that these figures exclude specific charges related to acquisitions and amortization of acquired intangibles.
Toronto-Dominion Bank is set to release its third-quarter results on August 24th, providing further insight into the bank’s performance and overall financial outlook.
