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Toronto-Dominion Raises Dividend as Profit Rises

Feb. 28 (Bloomberg) -- Toronto-Dominion Bank, Canada’s second-largest lender, said first-quarter profit climbed 21 percent on higher Canadian and U.S. consumer bank results. The bank raised its quarterly dividend.

Net income for the period ended Jan. 31 rose to C$1.79 billion ($1.75 billion), or C$1.86 a share, from C$1.48 billion, or C$1.55, a year earlier, the Toronto-based lender said today in a statement. Adjusted earnings, which exclude some one-time items, were C$2 a share, beating the C$1.93 average estimate of 15 analysts surveyed by Bloomberg News.

“The results exceeded our expectations and were particularly impressive when you consider the challenging operating and economic environment,” Chief Executive Officer Edmund Clark, 65, said in the statement.

Toronto-Dominion rose 0.2 percent to close yesterday at C$84.29 in Toronto trading. The shares have risen less than 1 percent this year, trailing the 4.1 percent advance of the 10-company S&P/TSX Banks Index.

Toronto-Dominion boosted its quarterly payout 5.2 percent to 81 cents a share, the third increase in the past two years.

(Toronto-Dominion will hold a conference call at 3 p.m. Toronto time. To listen, dial +1-416-644-3416 or +1-800-814-4860, or visit http://http://www.td.com/investor-relations/ir-homepage/financial-reports/quarterly-results/qr-2013.jsp on the Internet.)

To contact the reporter on this story: Sean B. Pasternak in Toronto at spasternak@bloomberg.net

To contact the editor responsible for this story: David Scheer at dscheer@bloomberg.net

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