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 firstname.lastname@example.org
(END) Dow Jones Newswires
May 27, 2021 07:10 ET (11:10 GMT)Copyright (c) 2021 Dow Jones & Company, Inc.