Toronto-Dominion Bank, Canada's second-largest bank, said in a statement it expects TD Ameritrade Holding Corp. to contribute C$48 million (US$49 million) to its wealth-management division's first-quarter net income.
TD owns 45% of the U.S. online brokerage firm. TD Ameritrade's first-quarter contribution to the Canadian lender's wealth-management segment is up from its contribution of C$33 million (US$33 million) in the fourth quarter and C$48 million (US$49 million) in year-earlier period.
The auto lender's earnings outpaced Wall Street's expectations. But shrinking car inventories at dealerships, which stemmed from new tariffs, put a dent in Ally's lending.
The Columbus, Ohio-based regional bank also benefited from strong performances by several legacy business lines, including auto, mortgages and SBA lending.
The Dallas-based lender, which reported a year-over-year decline in earnings, is anticipating increased loan activity and deposit growth later in the year.
With the passage of the bill, large banks are looking into their own stablecoins or partnering with the sector, while concerns linger about state regulation, the separation of banking and commerce and the disintermediation of the banking system.
The regional bank's cloud-based software platform will be one of the first of its kind, a top executive said Friday.
