TD Bank Profit Surges 38% on Improved Canadian Lending

Toronto-Dominion Bank, Canada’s largest lender by assets, said third-quarter profit rose 38% on higher earnings from domestic consumer lending and investment banking. Net income for the period ended July 31 climbed to a record $2.11 billion, or $1.11 a share, from $1.52 billion, or 79 cents, a year earlier, the Toronto-based lender said Thursday in a statement. Profit excluding some items was $1.15 a share, beating the $1.09 average estimate of 13 analysts surveyed by Bloomberg. Toronto-Dominion’s December purchase of a $3.3 billion Visa credit-card portfolio from Canadian Imperial Bank of Commerce helped lift consumer-lending earnings, while higher fees from advising companies on takeovers and arranging stock sales bolstered its TD Securities investment-banking business. Revenue rose 6% to $7.51 billion from a year earlier, the bank said. Toronto-Dominion set aside $338 million for bad loans in the quarter, down from $477 million a year earlier. Continue Reading Via: Financial Post