TD Bank Group reports Q1 profit up from year ago

Photo: The Canadian Press

TD Bank Group topped expectations as it reported its first-quarter profit rose 10 per cent compared with a year ago.

The bank says it earned net income of $3.28 billion or $1.77 per diluted share for the quarter ended Jan. 31, up from $2.99 billion or $1.61 per diluted share a year earlier.

Revenue totalled $10.81 billion, up from $10.61 billion.

Provisions for credit losses amounted to $313 million, down from $919 million a year earlier.

On an adjusted basis, TD says it earned $1.83 per diluted share, up from an adjusted profit of $1.66 per diluted share a year earlier.

Analysts on average had expected an adjusted profit of $1.49 per share, according to financial data firm Refinitiv.