(Bloomberg) -- Toronto-Dominion Bank’s stake in TD Ameritrade Holding Corp. will help cushion the earnings blow from the coronavirus pandemic.
Toronto-Dominion expects its investment in the U.S. brokerage to add C$328 million ($244 million) to its fiscal third-quarter earnings when the Toronto-based bank reports results next month, according to a statement Tuesday. That’s a record quarterly contribution in the 14 years since Toronto-Dominion sold its U.S. brokerage and received part of the combined TD Ameritrade.
Earlier Tuesday, TD Ameritrade, which is being purchased by Charles Schwab Corp., reported third-quarter adjusted earnings that beat the highest analyst estimate thanks to a retail trading boom seen across electronic brokerages during the pandemic. Toronto-Dominion, which owns about 43% of TD Ameritrade, reports the brokerage’s contribution in its U.S. retail division.
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