TORONTO -- TD Bank Group says stronger results from its retail operations in Canada and the United States helped drive its second-quarter profit to double-digit increases, which beat analyst estimates.
The Toronto-based bank had a $1.69-billion profit before adjustments -- up 21 per cent from $1.404 billion a year earlier. Earnings per share improved to $1.78 from $1.50, before adjustments.
After adjustments, the bank's net income was $1.73 billion -- up 14 per cent from $1.524 billion a year earlier. Adjusted earnings per diluted share was $1.82, up from $1.63 in the second quarter of 2011.
That was four cents per share above a consensus estimate of $1.78 per share compiled by Thomson Reuters.
TD chief executive Ed Clark says the bank's North American retail business drove the growth during the three-month period ended April 30.
"While we expect the second half of 2012 to remain challenging due to slowing loan growth, persistent low rates and regulatory headwinds, we're still working to deliver adjusted EPS growth in the 7-10 per cent range this year,'' Clark said in the bank's earnings announcement.
Canadian banking operations contributed $838 million of the adjusted profit, up from $733 million a year earlier. Retail banking in the United States contributed $356 million of net income, up from $316 million in the second quarter of 2011.
TD's profit from wholesale banking was $197 million, up from $188 million a year before while TD's wealth and insurance operations contributed $365 million, up 16 per cent from $316 million in the second quarter of 2012.
What Canada's Bank CEOs Earned Last Year
6. Louis Vachon, National - $7.5 Mln
<strong>Profit per dollar earned by the CEO: $162.27</strong> National Bank's Louis Vachon took home $7.5 million, the lowest total of any of the six major banks, but the most in terms of the bank's net income.
5. Gerry McCaughey, CIBC - $9.5 Million
<strong>Profit per dollar earned by the CEO: $326.32</strong> Gerry McCaughey's total compensation grew 12 per cent, to $9.5 million, in 2011. Source: <a href="https://www.cibc.com/ca/pdf/investor/proxy2012.pdf" target="_hplink">CIBC Management Proxy Circular</a>
4. Bill Downe, BMO - $9.9 Million
<strong>Profit per dollar earned by the CEO: $330.81</strong> Bill Downe's total compensation for 2011 was up 4.2 per cent from his 2010 pay of $9.5 million. Source: <a href="http://ca.reuters.com/article/businessNews/idCATRE81Q1W320120227" target="_hplink">Reuters</a>
3. Gordon Nixon, RBC - $10.1 Million
<strong>Profit per dollar earned by the CEO: $480.40</strong> Gordon Nixon's total compensation fell 8 per cent in 2011, to $11 million. Source: <a href="http://www.rbc.com/newsroom/2012/0206-proxy.html" target="_hplink">RBC Management Proxy Circular</a>
2. Rick Waugh, Scotiabank - $10.6 Mln
<strong>Profit per dollar earned by the CEO: $501.71</strong> Waugh's total earnings for 2011, at $10.6 million, were down slightly from the $10.66 million he earned in 2010. Source: <a href="http://www.thestar.com/business/article/1137400--scotiabank-ceo-s-pay-down-slightly-from-2010" target="_hplink">Toronto Star</a>
1. Ed Clark, TD Bank - $11.3 Million
<strong>Profit per dollar earned by the CEO: $517.45</strong> Ed Clark's total compensation for 2011 was meant to be around $12 million, but the bank's board scaled it back to $11.3 million -- roughly the same as in 2010. Source: <a href="http://www.thestar.com/business/article/1135817--td-bank-ceo-ed-clark-s-pay-down-to-11-3-million-in-2011" target="_hplink">Toronto Star</a>