TD Bank Group says stronger results from its retail operations in Canada and the United States helped drive its second-quarter profit to double-digit increases, which beat analyst estimates.   

The Toronto-based bank had a $1.69-billion profit before adjustments — up 21 per cent from $1.404 billion a year earlier. Earnings per share improved to $1.78 from $1.50, before adjustments.   

After adjustments, the bank's net income was $1.73 billion — up 14 per cent from $1.524 billion a year earlier. Adjusted earnings per diluted share was $1.82, up from $1.63 in the second quarter of 2011.   

That was four cents per share above a consensus estimate of $1.78 per share compiled by Thomson Reuters.   

TD chief executive Ed Clark says the bank's North American retail business drove the growth during the three-month period ended April 30.   

"While we expect the second half of 2012 to remain challenging due to slowing loan growth, persistent low rates and regulatory headwinds, we're still working to deliver adjusted EPS growth in the 7-10 per cent range this year," Clark said in the bank's earnings announcement.   

Canadian banking operations contributed $838 million of the adjusted profit, up from $733 million a year earlier. Retail banking in the United States contributed $356 million of net income, up from $316 million in the second quarter of 2011.   

TD's profit from wholesale banking was $197 million, up from $188 million a year before while TD's wealth and insurance operations contributed $365 million, up 16 per cent from $316 million in the second quarter of 2012.