Toronto-Dominion Profit Rises 10% on U.S., Canada Retail Bankingby
Toronto-Dominion Bank said fiscal second-quarter profit rose 10 percent on higher earnings from its U.S. and Canadian retail operations.
Net income for the period ended April 30 climbed to C$2.05 billion ($1.58 billion), or C$1.07 a share, from C$1.86 billion, or 97 cents, a year earlier, the Toronto-based bank said Thursday in a statement. Profit excluding some items was C$1.20 a share, beating the C$1.17 average estimate of 13 analysts surveyed by Bloomberg.
Toronto-Dominion benefited from a 21 percent jump in earnings from its U.S. retail operations, and 2 percent higher earnings in Canadian personal and commercial banking, the bank said. A stronger U.S. dollar relative to the Canadian loonie and increased contributions from the bank’s stake in the TD Ameritrade Holding Corp. brokerage helped earnings.
Toronto-Dominion gained 5.8 percent this year through Wednesday, trailing the 8.9 percent increase of the eight-company S&P/TSX Composite Commercial Banks Index.