TD Bank profits rose 58 per cent in the fourth-quarter as it booked stronger results from domestic retail banking operations and its wholesale banking division.

The bank says profits increased to $1.57 billion in the three-month period, or $1.69 per share, compared with $994 million, or $1.07 per share, in the same period a year earlier.

On an adjusted basis, earnings were $1.77 per share, above analyst expectations of $1.53 per share.

Revenue lifted to $5.67 billion from $5.02 billion.  

"This was a record quarter, with all of our businesses delivering double-digit earnings growth — a truly excellent finish to the year for TD," said president and CEO Ed Clark in a release.

"Our North American retail businesses once again showed why we're well positioned to grow regardless of the macroeconomic environment."

In the Canadian retail banking division, quarterly earnings rose 17 per cent to $905 million from $773 million a year ago.

Profit at the U.S. retail banking operations was up slightly to $316 million from $265 million.

Wholesale banking results increased 203 per cent to $288 million, from $95 million, on better equity and foreign exchange trading, as well as lower personal and commercial loans.

The wealth management division saw profits rise to $193 million from $151 million.

For the full year, TD Bank's profits increased to $5.89 billion from $4.64 billion in 2010. Revenue was up $21.59 billion from $19.57 billion.

Canada's second-largest bank predicted earlier this year that its profit growth would pull back in the second half as consumer borrowing slowed and banks compete more fiercely for their business.

While the latest round of results has outshone the bank's earlier caution, TD offered another footnote to its outlook for domestic banking in the coming year.

"For 2012, we expect earnings growth to moderate as the momentum in the business bank and the contribution from MBNA Canada will be partially offset by lower margins and slower personal banking growth," said Canadian banking head Tim Hockey.

"Overall, we're confident that the resilience of our business model, our focus on delivering great customer service and the investments we've made in our franchise leave us well positioned for the future."

In the summer, the bank bought MBNA, the Canadian credit card business of Bank of America Corp., bulking up its position in the cards segment of the Canadian consumer debt market, an area where it has often lagged behind competitors.

In September, TD Bank said it would issue eight million shares to investors to raise $612 million for general corporate purposes.