TD Bank tops Q3 profit expectations

TORONTO – TD Bank Group beat expectations as it reported a third-quarter profit of $3.55 billion, up from $2.25 billion in the same quarter last year.

The bank says the profit amounted to $1.92 per diluted share for the quarter ended July 31, up from $1.21 per diluted share a year earlier.

Revenue totalled $10.71 billion, up from $10.67 billion.

The results came as TD reported a recovery of credit losses of $37 million in its latest quarter compared with a provision for credit losses of $2.19 billion a year ago.

On an adjusted basis, TD says it earned $1.96 per diluted share, up from an adjusted profit of $1.25 per diluted share in its third quarter last year.

Analysts on average had expected a profit of $1.92 per share, according to financial market data firm Refinitiv.

TD CEO Bharat Masrani said the bank’s performance in the quarter was supported by revenue growth in its Canadian and U.S. retail businesses as economic activity picked up on both sides of the border.

“While businesses and consumers are resuming some of their normal activities and more people are getting vaccinated, recent developments and new variants remind us that the global pandemic is not yet over,” Masrani said in a statement.

“TD will continue to adapt in this fluid environment, adjust in real-time, and prioritize the well-being of our people and all those we serve.”

This report by The Canadian Press was first published Aug. 26, 2021.

Companies in this story: (TSX:TD)