TD Bank Profit Climbs 25%
02 December 2016 - 12:30AM
Dow Jones News
Toronto-Dominion Bank on Thursday reported a 25% increase in
fiscal fourth-quarter earnings, in line with analyst expectations,
fueled by growth in its U.S. retail and wholesale banking
divisions.
TD, Canada's second-biggest bank by assets, said its overall
profit for the quarter ended Oct. 31 rose to 2.30 billion Canadian
dollars ($1.71 billion), or C$1.20 a share, from C$1.84 billion, or
96 Canadian cents a year earlier.
Adjusted to exclude items, the bank said it earned C$1.22 a
share, meeting the Thomson Reuters mean estimate.
"We are pleased with our performance this quarter and overall
earnings growth in 2016," Chief Executive Bharat Masrani said in a
release.
Loan-loss provisions, or money set aside to cover bad loans,
totaled C$548 million in the latest quarter, up from C$509 million
a year earlier, but down from C$556 million in the previous
quarter.
Canadian banking earnings were little changed in the latest
quarter, the bank said, while U.S. retail earnings rose about 18%.
Wholesale banking profit climbed 21%.
TD's report caps a week of mixed results from Canada's big
lenders. Bank of Nova Scotia kicked off earnings season for the
lenders on Tuesday with a better-than-expected profit, and Canadian
Imperial Bank of Commerce followed suit earlier Thursday. On
Wednesday, Royal Bank of Canada's results fell shy of expectations.
Bank of Montreal, the country's fourth-largest by assets, will wrap
up bank-earnings season on Dec. 6.
Write to Judy McKinnon at judy.mckinnon@wsj.com
(END) Dow Jones Newswires
December 01, 2016 08:15 ET (13:15 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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