U.S. Division Boosts TD Bank Group's Profit
30 August 2018 - 11:46PM
Dow Jones News
By Allison Prang
An increase in earnings from TD Bank Group's U.S. division
helped drive profit higher in the company's third quarter.
TD said it U.S. retail division earned 1.14 billion Canadian
dollars ($883.16 million), up 27% from the year-earlier comparable
quarter. That was helped by the equity of its TD Ameritrade
investment, which brought in C$225 million for the division, up
91%, primarily as a result of TD Ameritrade's purchase of
Scottrade. TD Ameritrade Holding Corp. bought Scottrade Financial
Services Inc. in September of 2017.
For the U.S. retail-banking division alone, which doesn't
include the TD Ameritrade investment, earnings rose 17% to C$918
million. TD attributed the increase to higher deposit margins, the
new U.S. tax law and an increase in loan and deposit volume. Net
interest income in the division rose while noninterest income
declined.
TD reported total earnings of C$3.11 billion, up 12% from the
comparable quarter a year earlier. Earnings per share came in at
C$1.65 up from C$1.46. TD's provision for credit losses rose 11% to
C$561 million.
Earnings in TD's Canadian banking division rose 7.4% to C$1.85
billion. Both noninterest income and net interest income rose.
Wholesale banking profits fell 24% to C$223 million. TD said
trading revenue was down.
"While we continue to see pockets of market uncertainty stemming
from the geopolitical climate, both the Canadian and U.S. economies
continue to perform well and support a positive outlook for our
diversified businesses across the bank as we head into the final
stretch of the year, " said Chief Executive Bharat Masrani in
prepared remarks.
Write to Allison Prang at allison.prang@wsj.com
(END) Dow Jones Newswires
August 30, 2018 09:31 ET (13:31 GMT)
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