The bank reported net income of $1.86 billion, or 97 cents per share, a decline from $1.99 billion or $1.04 a share in the same period of last year.
TD Bank says the results included a before-tax charge of $337 million for restructuring and overall productivity changes to make its operations "fitter and faster" and adapt to a low-growth economic environment.
Adjusted earnings, which filter out one-time items, grew nearly five per cent to $2.2 billion, or $1.14 a per share.
The results came in three cents better than analysts expected, according to data compiled by Thomson Reuters.
Revenues increased to $7.76 billion from $7.44 billion a year ago.