Skip to Content
Global News Select

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 dave.sebastian@wsj.com

 

(END) Dow Jones Newswires

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

Copyright (c) 2021 Dow Jones & Company, Inc.

Transparency is how we protect the integrity of our work and keep empowering investors to achieve their goals and dreams. And we have unwavering standards for how we keep that integrity intact, from our research and data to our policies on content and your personal data.

We’d like to share more about how we work and what drives our day-to-day business.

We sell different types of products and services to both investment professionals and individual investors. These products and services are usually sold through license agreements or subscriptions. Our investment management business generates asset-based fees, which are calculated as a percentage of assets under management. We also sell both admissions and sponsorship packages for our investment conferences and advertising on our websites and newsletters.

How we use your information depends on the product and service that you use and your relationship with us. We may use it to:

  • Verify your identity, personalize the content you receive, or create and administer your account.
  • Provide specific products and services to you, such as portfolio management or data aggregation.
  • Develop and improve features of our offerings.
  • Gear advertisements and other marketing efforts towards your interests.

To learn more about how we handle and protect your data, visit our privacy center.

Maintaining independence and editorial freedom is essential to our mission of empowering investor success. We provide a platform for our authors to report on investments fairly, accurately, and from the investor’s point of view. We also respect individual opinions––they represent the unvarnished thinking of our people and exacting analysis of our research processes. Our authors can publish views that we may or may not agree with, but they show their work, distinguish facts from opinions, and make sure their analysis is clear and in no way misleading or deceptive.

To further protect the integrity of our editorial content, we keep a strict separation between our sales teams and authors to remove any pressure or influence on our analyses and research.

Read our editorial policy to learn more about our process.