BUSINESS

TD Bank Profit Jumps 7.5% To $2.3 Billion In Third Quarter

08/27/2015 08:49 EDT | Updated 08/27/2016 05:59 EDT
CP
Toronto-Dominion Bank says strong growth from its retail financial services in Canada and the United States and its wholesale banking arm combined to drive up its third-quarter net profit by 7.5 per cent to $2.266 billion.

The higher profits from TD's three main divisions were partially offset by higher expenses and lower income at the corporate level.

TD's net profit amounted to $1.19 per share while adjusted earnings were $1.20 per share, up from $1.15 in last year's third quarter — beating analyst estimates by both measures.

Analysts had estimated TD's net income would be $1.14 per share and adjusted earnings would be $1.17 per share, according to Thomson Reuters.

TD said its Canadian retail arm increased its net income by 11 per cent over the third quarter of 2014, to $1.6 billion, while its U.S. retail arm reported $674 million of net income, up 20 per cent or $113 million from last year.

Its wholesale banking arm also increased net income by 11 per cent, to $239 million.

At the corporate level, net loss rose to $204 million or $161 million after adjustments. That was up from $70 million or $53 million after adjustments a year earlier, due to a combination of higher expenses and lower income.