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.
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]