Toronto-Dominion Bank Increases Dividend as Profit Climbs 0.9%Doug Alexander
Toronto-Dominion Bank said first-quarter profit rose 0.9 percent on gains in its Canadian and U.S. retail businesses. The lender raised its dividend 8.5 percent to 51 cents.
Net income for the period ended Jan. 31 climbed to C$2.06 billion ($1.66 billion), or C$1.09 a share, from C$2.04 billion, or C$1.07, a year earlier, the Toronto-based bank said Thursday in a statement. Profit excluding some items was C$1.12 a share, matching the C$1.12 average estimate of 13 analysts surveyed by Bloomberg.
“Our results reflect strong retail earnings on both sides of the border and strong fundamentals,” Chief Executive Officer Bharat Masrani, 58, said in the statement.
Toronto-Dominion’s U.S. operations benefited from higher contributions from its TD Ameritrade stake and the 12 percent decline of the Canadian dollar relative to the greenback during the period. The firm’s December 2013 purchase of a C$3.3 billion Visa Inc. credit-card portfolio from Canadian Imperial Bank of Commerce aided Canadian retail operations, which rose 8 percent from a year earlier.
CIBC earlier Thursday reported results that beat analysts’ expectations and raised its quarterly dividend 2.9 percent.
(Toronto-Dominion will hold a conference call at 3 p.m. Toronto time. To listen call +1-416-204-9269 or +1-800-499-4035 or visit http://www.td.com/investor/qr_2015.jsp.)