By Ketki Saxena
Investing.com -- Toronto-Dominion Bank (TSX:TD) posted earnings per share, on an adjusted basis, of $1.99, missing analyst estimates of $2.04.
Expenses and provisions for credit losses rose in the third quarter, setting aside $766 million, about 4% higher than expected by analysts.
Provisions for credit losses more than doubled from a year earlier in the bank’s two main divisions, U.S. retail and Canadian personal and commercial.
Non-interest expenses were up 24% over the previous year — largely due to higher salaries and bonuses, and rising technology and real estate costs.
TD announced it plans to repurchase as many as 90 million shares, about 5% of its stock, subject to regulatory approval.