TD earnings slide on drop at wholesale banking unit
Last Updated: Thursday, August 28, 2008 | 4:40 PM ET
CBC News
TD Bank Financial Group bumped up its quarterly dividend on Thursday as it reported a slide in its bottom line for the third quarter.
The bank said it made $997 million, or $1.21 per diluted share, in the most recent quarter. That was off from the profit of $1.1 billion, or $1.51 a share, it reported in the same quarter of last year.
TD said that while its personal and commercial banking operations in both Canada and the United States, and its wealth management division, all had good performances in the quarter, results were dragged down by its wholesale banking division.
The bank said it bumped up its dividend for the third quarter to 61 cents a share from 58 cents a share.
TD's provision for bad loans grew to $288 million from $171 million year-over-year.
"Our retail businesses on both sides of the border — which again produced more than 90 per cent of our earnings this quarter — continued to perform very well, providing TD with a solid base of consistent earnings," said president and CEO Ed Clark.
"In what continues to be a tough environment for banks, we're showing our strategy is working," Clark said in a statement.
On the Toronto Stock Exchange, TD's share price gained $3.22 or 5.4 per cent to close at $62.56.
