TD grows second-quarter profit to $2.05 billion on higher retail banking results
TD Bank reported a second-quarter profit of $2.05 billion, up from $1.86 billion a year ago as its retail banking operations on both sides of the border had stronger earnings.
The earnings amounted to $1.07 per share, up from 97 cents per share during the same period last year.
On an adjusted basis, TD had a quarterly profit of $2.28 billion or $1.20 per share, compared with $2.17 billion or $1.14 per share during the second quarter of 2015.
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Revenue for the period ended April 30 was $8.26 billion, up from $7.76 billion a year ago.
The bank's provision for credit losses was $584 million — up $209 million, or 56 per cent, from a year ago, but down $58 million, or nine per cent, from the previous quarter.
Shares of TD shares added eight cents to close at $57.46 on the TSX in the wake of the earnings report.