By Adriano Marchese

Toronto-Dominion Bank said it expects a lower contribution to the bank's second quarter from its investment in Charles Schwab Corp. compared with a year earlier.

TD said it expects Schwab's first-quarter earnings to translate into around 202 million Canadian dollars--the equivalent of US$160.2 million--of reported equity in net income of the investment in Schwab for TD's second-quarter results.

Last year at this time, Schwab contributed C$246 million in earnings.

TD received a roughly 13.5% stake in Schwab as part of Schwab's acquisition of TD Ameritrade.

The bank said that on an adjusted basis, equity in net income of the Schwab investment will be around C$248 million. This figure excludes acquisition-related charges of approximately C$12 million after tax and amortization of acquired intangibles of around C$34 million after tax, it said.

TD said it will release its second-quarter results on May 26.

Write to Adriano Marchese at adriano.marchese@wsj.com

(END) Dow Jones Newswires

April 19, 2022 07:22 ET (11:22 GMT)

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