Toronto-Dominion Profit Climbs 7.9% on Lending; Lifts Payout
- TD profit misses analysts' estimates by one cent a share
- CIBC raises dividend as first-quarter profit tops estimates
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Toronto-Dominion Bank said fiscal first-quarter profit rose 7.9 percent on gains in its Canadian and U.S. retail businesses. The lender raised its quarterly dividend 7.8 percent to 55 cents a share.
Net income for the period ended Jan. 31 climbed to C$2.22 billion ($1.62 billion), or C$1.17 a share, from C$2.06 billion, or C$1.09, a year earlier, the Toronto-based firm said Thursday in a statement. Profit excluding some items was C$1.18 a share, missing the C$1.19 average estimate of 15 analysts surveyed by Bloomberg.