Breaking News
Investing Pro 0
New Year’s SALE: Up to 40% OFF InvestingPro+ CLAIM OFFER

TD Profits Down 9% Year over Year But in Line with Analyst Expectations

Stock Markets Aug 25, 2022 10:02
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters.
 
TD
-0.84%
Add to/Remove from a Portfolio
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 

Ketki Saxena 

Investing.com – Toronto-Dominion Bank’s net income slipped 9% year over year to $3.21 billion, as capital markets revenue slid, and provisions for credit losses grew. The bank’s Canadian and U.S. retail segments meanwhile both remain robust.

The bank’s adjusted earnings came to $2.09 per share, beating average analyst expectations of $2.04 per share.

The bank's capital markets unit saw profit slide 18 % year-over-year to $271 million, which TD (TSX:TD) attributed to higher expenses and provisions, although revenue from trading activity jumped 17 %.

Net income in TD’s Canadian retail segment edged up six % to $2.25 billion on rising revenues as well as banking and insurance volumes, and record-credit card sales. The bank’s U.S. retail business revenues rose 11% year over year  to US$1.12 billion as personal loans and deposits continued to grow.

Wholesale banking net income fell 18% year over year to $271 million on rising non-interest expenses and higher PCL. 

Expenses widened by 8% and provisions for credit losses grew by $70 million compared to a year earlier, reaching $351 million in this quarter as it invested in business growth, employees and technology. TD also noted $29 million in acquisition charges for its First Horizon Corp. deal first announced in February.

TD hopes significantly expand its U.S. business with the US$13.4-billion purchase of Tennessee-based First Horizon. The deal is still awaiting regulatory approvals. TD said today it's still hoping to close the transaction in the first quarter of its 2023 fiscal year.

TD Profits Down 9% Year over Year But in Line with Analyst Expectations
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
or
Sign up with Email