July 21, 2009 / 12:35 PM / in 9 years

TD Bank sees C$68 mln contribution from Ameritrade

* Ameritrade to contribute C$68 mln to TD’s Q3 earnings

* Contribution is down from yr-ago, but above Q2

TORONTO, July 21 (Reuters) - Toronto-Dominion Bank (TD.TO) said on Tuesday it expected TD Ameritrade Holding Corp’s (AMTD.O) third-quarter earnings to contribute C$68 million (US$62 million) to its third-quarter earnings, due out next month.

That’s up from a contribution of C$48 million in the second quarter, but below the C$74 million contributed by the U.S. online brokerage a year ago.

Canada’s second-largest bank has a 47.5 percent stake in TD Ameritrade, considered an integral part of its wealth management strategy.

TD Ameritrade reported a 16 percent quarterly profit drop on Tuesday as low interest rates had a negative impact, but the profit topped expectations.

    The second-biggest U.S. online brokerage earned $171 million, or 30 cents a share, in its fiscal third quarter, down from $204 million, or 34 cents a share, a year earlier, according to a regulatory filing.

    Net revenue fell 1.6 percent to $614 million. On average, analysts polled by Reuters Estimates expected the Omaha, Nebraska, company to earn 29 cents a share on $594.1 million in revenue.

    TD’s wealth management operations earned C$126 million in the second quarter ended April 30, down 31 percent from a year earlier.

    TD’s third-quarter earnings are scheduled to be reported Aug. 27. ($1=$1.10 Canadian) (Reporting by Andrea Hopkins in Toronto and Juan Lagorio and Jonathan Spicer in New York; editing by Jeffrey Benkoe)

    0 : 0
    • narrow-browser-and-phone
    • medium-browser-and-portrait-tablet
    • landscape-tablet
    • medium-wide-browser
    • wide-browser-and-larger
    • medium-browser-and-landscape-tablet
    • medium-wide-browser-and-larger
    • above-phone
    • portrait-tablet-and-above
    • above-portrait-tablet
    • landscape-tablet-and-above
    • landscape-tablet-and-medium-wide-browser
    • portrait-tablet-and-below
    • landscape-tablet-and-below