Toronto-Dominion Bank 1Q Profit Rises, Revenue Tops Views
By Adriano Marchese
Toronto-Dominion Bank reported higher profit and better-than-expected revenue on Thursday in the first fiscal quarter thanks to a strong performance in its Canadian banking segment, while provisions for credit losses rose in step with the industry trend.
For the three months ended Jan. 31, the Canadian financial institution posted net income of 2.82 billion Canadian dollars ($2.08 billion), or C$1.55 a share, up from C$1.58 billion, or C$0.82 a share, in the comparable quarter a year ago.
Adjusted earnings were C$2 a share. According to FactSet, analysts were expecting C$1.93 a share.
Total revenue rose to C$13.71 billion from C$12.2 billion. According to FactSet, revenue was expected to rise to C$12.4 billion.
Performance among its business segments were mixed, with Canadian Personal and Commercial Banking seeing net income rise 3$ to C$1.79 billion, while U.S. Retail reported a 43% decline to C$907 million. Wealth Management and Insurance net income was flat at C$555 million.
Provision for credit losses, which represents an estimated amount that would cover potential losses due to credit risk, came in at C$1 billion, up from C$690 million a year earlier.
Common equity tier 1 capital ratio, a measure of a bank's core equity capital to its risk-weighed assets, such as loans and mortgages, fell to 13.9% from 14.4%.
Write to Adriano Marchese at adriano.marchese@wsj.com
(END) Dow Jones Newswires
February 29, 2024 07:12 ET (12:12 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.-
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