05/28/2015 07:40 EDT | Updated 05/28/2016 05:59 EDT

TD Bank profits fall seven per cent on second-quarter restructuring charges

TORONTO - TD Bank Group (TSX:TD) says profits dropped by seven per cent in the second quarter as it booked a restructuring charge.

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.