UPDATE 1-Toronto-Dominion Bank’s quarterly earnings beat market forecasts | Reuters

(Adds details)

TORONTO May 25 Toronto-Dominion Bank on
Thursday reported second quarter results which were ahead of
market expectations helped by a strong performance at its retail
and investment banking businesses.

Canada’s second-biggest bank said earnings per share,
excluding one-off items, rose to C$1.34 in the quarter to April
30, from C$1.20 in the same period the previous year. Analysts
had on average forecast earnings of C$1.24, according to Thomson
Reuters I/B/E/S data.

The bank also said that it had largely completed a review of
its sales practices that it initiated after CBC News, Canada’s
national broadcaster, reported in March that TD branch staffers
had said they moved customers to higher fee accounts and raised
their overdraft and credit card limits without their knowledge.

“We continue to believe that we do not have a widespread
problem with people acting unethically in order to achieve sales
goals,” Chief Executive Bharat Masrani said.

Net income rose to C$2.5 billion ($1.9 billion) in the
quarter from C$2.1 billion the previous year.

Net income at the bank’s Canadian retail business grew by 7
percent to C$1.6 billion, benefiting from record account
balances in personal chequing accounts and strong growth in
commercial loans and deposits.

($1 = 1.3439 Canadian dollars)
(Reporting by Matt Scuffham. Editing by Jane Merriman)

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