TD CFO talks about margin compression
TD Bank reported one of its best quarters ever on Thursday, bringing in $1.33 billion, or $1.46 a share, in the second quarter compared with $1.18 billion, or $1.30 a share a year ago—but still fell short of analysts’ expectations. TD Bank's CFO Colleen Johnston talks to BNN about margin compression the company experienced in the second quarter.
“We did see some margin compression in our Canadian retail division…we are seeing some increased competition,” she says. “Stable to slightly down is where I would be put margins going forward…with volumes starting to slow we are seeing banks price more competitively on both the lending and the deposit side and that does tend to have an effect.”