Toronto-Dominion Bank on Thursday said earnings for its latest quarter jumped 22%, boosted by volume growth in its Canadian retail business.
TD, Canada’s second-biggest bank by assets, said its overall profit for the quarter ended April 30 rose to C$2.50 billion ($1.86 billion), or C$1.31 a share, from C$2.05 billion, or C$1.07 a share, a year earlier.
Adjusted to exclude items, the bank said it earned C$1.34 a share, above the Thomson Reuters mean estimate of C$1.24 a share and the C$1.20 a share posted a year earlier. Revenue rose about 2.6% to C$8.47 billion compared with the C$8.43 billion expected by analysts.
For the period, the Canadian retail business increased 7% to C$1.57 billion.
U.S. retail earnings rose about 17.5% in the latest quarter to C$845 million, the bank said, while Canadian banking earnings were up 7% to C$1.57 billion. Wholesale banking profits climbed 13% to C$248 million.
Loan-loss provisions, or money set aside to cover bad loans, totaled C$500 million in the latest quarter, down from C$584 million a year earlier and from C$633 million in the previous quarter.
Write to Ezequiel Minaya at firstname.lastname@example.org