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TD Bank reports 9.1% increase in quarterly profit, helped by boost in US retail business

The bank reported diluted per share earnings of C$1.63, slightly higher than the average analyst forecast of C$1.62 from Refinitiv

A pile of US$100 bills
TD's US retail business posted quarterly net income of C$1.11 billion, up 44% from a year earlier

Toronto-Dominion Bank (TSE:TD) (NYSE:TD) said Thursday that its fourth-quarter profit increased 9.1%, enjoying a tailwind from its US retail business.

For the quarter ended October 31, reported net income increased to C$2.96 billion, up 9.1% from a year earlier.

READ: TD Bank reports strong 3Q and nine-month results as US operations flourish

The bank reported diluted per share earnings of C$1.63, up from C$1.36. That was slightly higher than the average analyst forecast of C$1.62 from Refinitiv. 

Shares of TD slipped C$0.28 to C$73.32 in Thursday’s Toronto trading. They were down US$0.27 to US$55.20 in New York.

Quarterly revenue increased 9.2% to C$10.12 billion from C$9.27 billion.

The bank’s US retail business reported net income of C$1.11 billion, up 44% from a year earlier. The bank’s Canadian retail business rose 5% to C$1.74 billion.

TD's tier 1 capital ratio capital for the quarter rose to 13.7%, from 12.3%, reflecting greater fundamental strength.

“I am extremely pleased with our earnings performance in the fourth quarter, which capped a very strong year,” said Bharat Masrani, CEO of TD, adding that “2018 represented a year of tremendous progress as we advanced key strategic priorities and continued to innovate to strengthen our competitive advantage.

For the year, the bank reported net income of C$11.33 billion, up from C$10.52 billion a year earlier.



Contact Dennis Fitzgerald at [email protected]

Quick facts: Toronto Dominion Bank

Price: 70.9 CAD

TSX:TD
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Market Cap: $128.48 billion
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