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TD Bank profit rises 14%, dividend increased

TDBankTeller
Tags: TD Bank

Toronto-Dominion Bank (TD-T) quarterly profit rose 14 percent, coming in just head of estimates, on a sharp jump in trading-related revenue, and the bank raised its quarterly dividend.

TD, Canada's second-largest bank, said on Thursday it earned $1.7 billion, or $1.78 a share, in the fiscal third quarter ended July 31. That compared with a profit of $1.5 billion, or $1.58 a share, a year earlier.

The bank raised its quarterly dividend by 7 percent to 77 cents a share. All five of Canada's big banks have raised their payouts this quarter.

Excluding one-time items, the bank earned $1.91 a share, it said. Analysts had expected a profit of $1.84, according to Thomson Reuters I/B/E/S.

Wholesale banking profit, which includes income from investment banking, trading and advisory fees, jumped 61 percent to $180 million, due mainly to trading-related revenue.

Income from the bank's flagship Canadian banking unit rose 9 percent to $864 million, driven by loan and deposit growth. Profit from its U.S. retail banking business eased 4 percent to $284 million.

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