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TD Bank posts 17% jump in second-quarter profit, beating expectations

Last Updated May 24, 2018 at 7:49 am EDT

THE CANADIAN PRESS/Andrew Vaughan

TORONTO – TD Bank posted a more than 17 per cent increase in net income in the second quarter compared with a year earlier, blowing past market expectations.

The Toronto-based lender reported net income attributable to common shareholders of $2.85 billion or $1.54 per diluted share for the quarter ended April 30, up from $2.43 billion or $1.31 per diluted share in the same period a year earlier.

On an adjusted basis, TD Bank said it earned $1.62 per diluted share for the period, compared with $1.34 a year earlier.

Analysts had expected a profit attributable to shareholders of $1.50 per share, according to Thomson Reuters Eikon.

The bank’s Canadian retail division’s net income totalled $1.83 billion, up 17 per cent compared with last year, while its U.S. retail arm’s net income rose 16 per cent to $979 million.

TD Bank chief executive Bharat Masrani said the lender delivered strong earnings across its divisions.

“At the half-year mark, we are extremely pleased with the earnings growth in all of our business segments, on both sides of the border,” he said in a statement.

Companies in this story: (TSX:TD)