Business
TD Bank Group Comments on Expected Impact of the Charles Schwab Corporation's First Quarter Earnings
TD Bank Group Comments on Expected Impact of the Charles Schwab Corporation's First Quarter Earni...
About this update from Toronto-dominion Bank
[{"type":"text","content":"\n\n\n\n TD Bank Group Comments on Expected Impact of the Charles Schwab Corporation's First Quarter Earnings\n \n\n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n\n\n\n\n\n Canada NewsWire\n \n\n\n\n\n\n TORONTO\n \n\n ,\n \n\n April 18, 2025\n \n\n /CNW/ - TD Bank Group (the \"Bank\") announced today that it expects The Charles Schwab Corporation's (\"Schwab\") first quarter earnings to translate into approximately CDN $74 million of reported equity in net income of an investment in Schwab for the Bank's fiscal 2025 second quarter. Excluding amortization of acquired intangibles of approximately CDN\n \n $9 million\n \n after-tax, adjusted equity in net income of an investment in Schwab will be approximately CDN\n \n $83 million\n \n . The share of net income from investment in Schwab and the foreign exchange impact are reported with a one-month lag.\n \n\n On\n \n February 12, 2025\n \n , the Bank announced the closing of the sale of its entire equity investment in Schwab, consisting of 184,678,738 shares of Schwab's common stock representing 10.1% economic ownership.\n \n\n TD Bank Group will release its second quarter financial results and host an earnings conference call on\n \n May 22, 2025\n \n . Conference call and audio webcast details will be announced closer to that date.\n \n\n\n Caution Regarding Use of Non-GAAP Information\n \n\n\n The Bank's financial results are prepared in accordance with International Financial Reporting Standards (IFRS), the current generally accepted accounting principles (GAAP). The Bank refers to results prepared in accordance with IFRS as \"reported\" results. The Bank also utilizes non-GAAP financial measures referred to as \"adjusted\" results to assess each of its businesses and to measure overall Bank performance. To arrive at adjusted results, the Bank removes \"items of note\", from reported results. The items of note relate to items which management does not believe are indicative of underlying business performance. The Bank believes that adjusted results provide the reader with a better understanding of how management ...