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Toronto-Dominion Bank 3Q Profits Rise on Strong US, Canadian Retail Performance

By Adriano Marchese

 

Toronto-Dominion Bank on Thursday reported a 58% rise in third-quarter profit, benefiting from strong performances from its Canadian and U.S. retail segments.

The Canadian banking and financial services company said earnings per share were 1.92 Canadian dollars ($1.52) in the period ended July 31, up from C$1.21 in the comparable quarter a year ago.

Net income was C$3.55 billion, compared with C$2.25 billion a year ago.

TD said that in particular, net income at both its U.S. and Canadian retail segments rose significantly in the quarter, with the former nearly doubling to C$1.3 billion and the latter rising 68% to C$2.13 billion.

Adjusted earnings were C$1.96 a share, beating analyst forecasts of C$1.91 a share, taken from FactSet.

Total revenue rose to C$10.71 billion from C$10.67 billion in the year-ago quarter, while return on common equity was 15.3% compared with 10%.

TD said that its common equity tier 1 capital ratio rose to 14.5% in the quarter from 12.5%.

The board declared an unchanged quarterly dividend of C$0.79 a share.

"TD's strong performance in the third quarter was supported by solid revenue growth in our Canadian and U.S. Retail businesses as economic activity and employment levels continued to improve on both sides of the border," Group President and Chief Executive Officer Bharat Masrani said.

 

Write to Adriano Marchese at adriano.marchese@wsj.com

 

(END) Dow Jones Newswires

August 26, 2021 07:09 ET (11:09 GMT)

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