BANK-PROFITS

TD Bank profits jumped to just under $2 billion last quarter. (Canadian Press)

Toronto-Dominion Bank reports a higher second-quarter net income of $1.98 billion, up from $1.71 billion in the same quarter of 2013.

Diluted earnings per share were $1.04 in the quarter, compared with 89 cents year-over-year.

TD says its adjusted net income was up at $2.07 billion, or $1.09 diluted EPS, up 14 per cent compared with $1.82 billion, or 95 cents diluted EPS, year-over-year.

The bank says its Canadian retail segment had net income of $1.3 billion for quarter ended April 30, an increase of 12 per cent on an adjusted basis compared with the same quarter last year.

TD says earnings in the retail segment were driven by such things as growth in wealth assets and the new TD Aeroplan credit card portfolio.

Travel rewards company Aimia Inc., which owns and operates the Aeroplan rewards program in Canada, now has TD Bank as its main partner as the issuer of Aeroplan credit cards.

The Royal Bank of Canada (TSX:RY) also reported its earnings earlier with a higher second-quarter net income of $2.2 billion, including record earnings in its wealth management segment.