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TD Reaps Benefit of Climbing Rates With More Gains to Come

  • ‘We expect our margin to continue to rise’ with rates: CFO
  • Rival CIBC also topped analysts’ estimates on loan growth
Interest Rates May Drag On Canadian Banks As RBC Cuts Targets
Photographer: Christinne Muschi/Bloomberg
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Toronto-Dominion Bank, which has struck two major deals to expand in the US this year, reaped the benefit of higher interest rates and sees more gains to come as central banks continue their fight against inflation.

Net interest income rose 17% to C$7.04 billion ($5.45 billion) in the fiscal third quarter, the Toronto-based company said in a statement Thursday. Analysts estimated C$6.62 billion, on average. Overall profit also beat projections.