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TD Bank's quarterly profit rises on strength in domestic banking, wealth management

Published 2024-05-23, 09:06 a/m
© Reuters. FILE PHOTO: The Toronto-Dominion (TD) bank logo is seen outside of a branch in Ottawa, Ontario, Canada, February 14, 2019. REUTERS/Chris Wattie/File Photo
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(Reuters) -TD Bank Group reported a rise in its second-quarter profit on Thursday, driven by strong performance of its domestic personal and commercial banking and wealth management units

Better margins at Toronto, Ontario-based bank's domestic unit and a rise in loan volumes helped its performance.

Its Canadian Personal and Commercial Banking unit's net income in the quarter was C$1.74 billion, an increase of 7% compared to the second quarter last year, driven by volume growth.

The Wealth Management and Insurance unit's net income also increased 19% to C$621 million, compared with the same quarter last year.

© Reuters. FILE PHOTO: The Toronto-Dominion (TD) bank logo is seen outside of a branch in Ottawa, Ontario, Canada, February 14, 2019. REUTERS/Chris Wattie/File Photo

The bank's adjusted net income rose to C$3.79 billion ($2.77 billion), or C$2.04 per share, in the quarter, from C$3.71 billion ($2.72 billion), or C$1.91 per share, a year earlier.

($1 = 1.3664 Canadian dollars)

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