TD Bank Group reports $3.8B Q2 profit, up from $3.7B a year ago

Photo: The Canadian Press

TD Bank Group reported its second-quarter net income totalled $3.81 billion, up from $3.70 billion in the same quarter last year.

The bank said Thursday the profit for the quarter ended April 30 totalled $2.07 per diluted share, up from $1.99 per diluted share a year ago.

Revenue in the quarter totalled $11.26 billion, up from $10.23 billion in the same quarter last year.

The results came as TD reported a provision for credit losses of $27 million for the quarter compared with a $377-million recovery of credit losses a year ago.

On an adjusted basis, TD says it earned $2.02 per diluted share, down from an adjusted profit of $2.04 per diluted share in the same quarter last year.

Analysts on average had expected an adjusted profit of $1.93 per share, according to estimates compiled by financial markets data firm Refinitiv.

"TD's second-quarter performance reflects the strength of our diversified business model and customer-centric approach," TD Bank Group chief executive Bharat Masrani said in a statement.

"We have delivered strong revenue growth across our businesses and we enter the second half of the year well-positioned to support households and businesses as they navigate an evolving economic environment."

TD said its Canadian retail business earned $2.24 billion in its latest quarter, up from a profit of $2.18 billion in the same quarter last year, helped by higher revenue, partially offset by higher non-interest expenses, insurance claims and provisions for credit losses.

Meanwhile, TD's U.S. retail business earned $1.37 billion, up from a profit of $1.32 billion.

TD said its wholesale banking business earned $359 million, down from a profit of $383 million, due to higher non-interest expenses and a lower provision for credit losses recovery, partially offset by higher revenue.