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Toronto-Dominion 2Q Profit Rises, Revenue Falls

By Dave Sebastian


Toronto-Dominion Bank said its profit rose for the latest quarter as it booked a recovery of credit losses, though revenue fell.

The Toronto bank on Thursday posted net income before preferred dividends of 3.7 billion Canadian dollars ($3.06 billion) for the fiscal second quarter, compared with C$1.52 billion in the year-ago period. Earnings were C$1.99 a share, compared with C$0.80 a share in the same period last year.

Adjusted earnings were C$2.04 a share. Analysts polled by FactSet were looking for C$1.75 a share.

Recovery of credit losses was C$377 million.

For the quarter ended April 30, revenue fell to C$10.23 billion from $10.53 billion. Analysts were expecting C$9.93 billion.

Profit in the Canadian retail segment rose 86% to C$2.18 billion due to lower provisions for credit losses and record results in wealth and insurance.

Profit in its U.S. retail segment rose 292% to $1.05 billion. The U.S. retail bank, which excludes the bank's investment in Schwab, reported profit of $853 million, up 949% from the year-ago period due to lower provisions for credit losses.

Wholesale banking profit rose 83% to C$383 million due to lower provisions for credit losses.


Write to Dave Sebastian at


(END) Dow Jones Newswires

May 27, 2021 07:10 ET (11:10 GMT)

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