TD Bank reports $4.25B Q2 profit, raises dividend

TD Bank Group raised its quarterly dividend as it reported a second-quarter profit of $4.25 billion.

The bank said Thursday it will now pay a quarterly dividend of $1.12 per share, up from $1.08 per share.

TD says its profit for the quarter ended April 30 amounted to $2.43 per diluted share compared with a profit of $11.13 billion or $6.27 per diluted share a year ago when it recorded the sale of its shares in the Charles Schwab Corp.

On an adjusted basis, TD says it earned $2.38 per diluted share in its latest quarter, up from an adjusted profit of $1.97 per diluted share a year ago.

Revenue for the quarter totalled $15.80 billion, down from $22.94 billion in the same quarter last year, while its provision for credit losses amounted to $1.00 billion compared with $1.34 billion a year ago.

Analysts on average had expected an adjusted profit of $2.26 per share, according to LSEG Data & Analytics.

“We drove record Q2 earnings in Canadian personal and commercial banking, all-time high earnings in wealth management and insurance and wholesale banking, and we accelerated momentum in U.S. banking,” TD Bank Group chief executive Raymond Chun said in a statement.

TD said Canadian personal and commercial banking net income totalled $1.93 billion for the quarter, up from $1.67 billion in the same quarter last year, helped by higher revenue and lower provisions for credit losses.

The bank’s U.S. banking operations earned $813 million, up from a profit of $120 million a year earlier.

TD’s wealth management and insurance business earned $837 million, up from $707 million a year ago, while its wholesale banking operations earned $612 million, up from $419 million in the same quarter last year.

The Canadian Press

The Canadian Press is a national news agency headquartered in Toronto and founded in 1917.