TD Bank Group Reports $6.67B Q4 Profit, Up From $3.78B A Year Ago
TORONTO — TD Bank Group reported a fourth-quarter profit of $6.67 billion, up from $3.78 billion in the same quarter last year, boosted by a one-time gain related to its deal to buy U.S.-based First Horizon Bank and the sale of Schwab shares.
The bank says the profit amounted to $3.62 per diluted share for the quarter ended Oct. 31, up from $2.04 per diluted share a year earlier.
Revenue totalled $15.56 billion, up from $10.94 billion a year ago.
TD says provisions for credit losses totalled $617 million in its latest quarter compared with a $123-million recovery of credit losses in the same quarter last year.
On an adjusted basis, TD says it earned $2.18 per diluted share in its fourth quarter compared with an adjusted profit of $2.09 per diluted share in its fourth quarter last year.
Analysts on average had expected a profit of $2.06 per share, according to estimates compiled by financial markets data firm Refinitiv.
This report by The Canadian Press was first published Dec. 1, 2022.