TD makes bank

Strong growth in Canadian and American retail operations helped TD Bank Group earn an adjusted profit of $3.27 billion in the second quarter, up from $3.06 billion in the same quarter last year.

The Toronto-based lender also benefited from positive earnings at its wholesale banking business — following a net loss in the first quarter — as it reported better-than-expected earnings in the three months ended April 30.

"As I reflect on the first half of the year, I am pleased with our performance. It reflects continued momentum in our franchise businesses, good credit quality and better conditions this quarter for market-based revenues," said CEO Bharat Masrani on a conference call with analysts.

"Looking ahead, the macro environment remains fluid. Trade and geopolitical tensions are heating up and economic conditions remain mixed with several output indicators still soft while employment growth remains strong."

He reiterated his expectation that the bank will post earnings-per-share growth this year at the low end of its seven-to-10 per cent medium-term target range.

On an adjusted basis, TD said it earned $1.75 per share in the quarter, up from $1.62 per share in its second quarter last year.

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