Join +750K new investors every month who copy stock picks from billionaire's portfoliosSign Up Free

TD reports mixed quarterly results amid anti-money laundering program probes

Published 2024-05-23, 10:42 a/m
© Reuters.  TD reports mixed quarterly results amid anti-money laundering program probes
TD
-

Proactive Investors - Toronto-Dominion Bank (TSX:TSX:TD) reported mixed fiscal second quarter financial results as it overhauls its US anti-money laundering program amid scrutiny from regulators.

For the quarter ended April 30, 2024, the Canadian bank posted adjusted earnings per share (EPS) of C$2.04, up from C$1.91 in the year-ago quarter and ahead of C$1.85 expected by analysts.

However, its net income of C$2.56 billion was down from C$3.7 billion in the year-ago quarter and was slightly below the consensus estimate of C$2.58 billion.

During fiscal 2Q, the bank set aside an initial provision of C$615 million for investigations related to its anti-money laundering (AML) program, as it faces multiple US law enforcement and regulatory investigations into the alleged laundering of funds connected with illegal drug sales.

“The bank has been cooperating with US regulators and authorities in good faith for many months and is working diligently to bring these investigations to resolution so that investors can have more clarity,” TD said in a statement.

“A comprehensive overhaul of TD's US AML program is well underway and will strengthen our program globally.”

It also reported greater than expected provisions for credit losses of C$1.07 billion, above the $1 billion forecast by analysts.

Shares of TD traded modestly higher, up 0.2% at C$25.25 post-earnings.

Read more on Proactive Investors CA

Disclaimer

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.