Toronto-Dominion Profit Rises on U.S. Bank, Wholesale Unit Gainsby
Third-quarter adjusted net income beats analysts’ estimates
CIBC profit jumps 47% on gain from selling U.S. money manager
Toronto-Dominion Bank, Canada’s second-largest lender by assets, said fiscal third-quarter profit rose 4 percent on gains from its U.S. retail operations and wholesale banking.
Net income for the period ended July 31 climbed to C$2.36 billion ($1.83 billion), or C$1.24 a share, from C$2.27 billion, or C$1.19, a year earlier, the Toronto-based bank said Thursday in a statement. Profit excluding some items was C$1.27 a share, topping the C$1.21 average estimate of 14 analysts surveyed by Bloomberg.
Toronto-Dominion posted a 26 percent increase in its wholesale banking business as underwriting volumes climbed, while profit from Toronto-Dominion’s U.S. retail operations rose 17 percent when including its stake in the TD Ameritrade Holding Corp. brokerage. That helped offset a decline in its Canadian retail banking operations.
Canadian Imperial Bank of Commerce, the country’s fifth-largest lender, said earlier Thursday that net income jumped 47 percent, boosted by a C$383 million gain from selling its minority stake in U.S. money manager American Century Investments. Excluding the gain and other items, earnings of C$2.67 a share topped the C$2.34 average estimate of 14 analysts surveyed by Bloomberg.