TD, CIBC Beat Estimates on Their Canadian Banks’ Results

Toronto-Dominion Bank and Canadian Imperial Bank of Commerce topped estimates as both companies reported strong performance in their domestic-banking units and lower-than-expected loan-loss provisions, while Toronto-Dominion shares slumped on concerns about higher costs in the firm’s US business.

Toronto-Dominion earned C$2.20 a share on an adjusted basis in its fiscal third quarter, according to a statement Thursday, topping the C$2.05 average estimate. Net income at Toronto-Dominion’s Canadian personal and commercial banking division totaled C$1.95 billion ($1.42 billion) for the three months through July on record revenue, more than the C$1.84 billion average forecast of four analysts in a Bloomberg survey.