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TORONTO – The Toronto-Dominion Bank of Canada on Thursday announced a 20% profit increase in the fourth quarter, slightly below badysts' expectations, thanks to strong growth in its retail operations in the United States.
TD said earnings per share, excluding special items, increased to $ 1.63 for the quarter ended October 31, from $ 1.36 a year ago. Analysts on average expected earnings of $ 1.62, according to Refinitiv's IBES data.
Canada's second-largest lender in terms of market value, with significant US operations, said net income, excluding special items, increased 17% to $ 3.05 billion during the first quarter. period.
The bank's retail operations in Canada grew by 5% to $ 1.74 billion in net income, thanks to the increased market share of mortgages. Revenues from its US retail business increased 44% to $ 1.14 billion due to higher margins resulting from higher interest and advantageous tax reforms.
For the past year, TD reported net income of $ 12.2 billion, up 15% over the previous year.
© Thomson Reuters 2018
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