TD Bank profit rises 29%
Loan loss provisions fall
TD Bank says its profits grew 29 per cent in the third quarter to $1.18 billion, narrowly missing expectations.
The results were equivalent to $1.29 per diluted share for the quarter, and compare to a net income of $912 million in the same period a year ago.
TD reported that both lower loan losses and strong earnings in its domestic retail business pushed the quarter higher.
On an adjusted basis, earnings per share were $1.43, falling a penny short of analyst expectations, according to Thomson Reuters.
Revenue lifted to $4.74 billion, compared to $4.66 billion a year earlier.
Canadian retail banking earnings increased 24 per cent to $841 million.
"Our third-quarter results really tell the growth story of our retail businesses on both sides of the border," said president and chief executive Ed Clark in a release.
"We also saw the best credit quality and lowest credit losses in seven quarters across all of our businesses."
Provisions for credit losses dropped to $339 million versus $557 million in the comparable period of last year.
TD Bank has more than 74,000 employees across its more than 2,300 retail operations in both Canada and the United States.
The bank's operations include retail banking, wealth management and investment banking products under TD Waterhouse, as well as an investment in TD Ameritrade.