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UPDATE 1-TD Bank third-quarter earnings beat market expectations

Published 2016-08-25, 06:58 a/m
© Reuters.  UPDATE 1-TD Bank third-quarter earnings beat market expectations
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TORONTO, Aug 25 (Reuters) - Toronto-Dominion Bank TD.TO , Canada's second-biggest lender, reported third-quarter earnings that were ahead of market expectations on Thursday, helped by growth in its U.S. retail and wholesale banking business.

The bank said its earnings, excluding one-off items, rose to C$1.27 per share in the third quarter which ended on July 31 from C$1.20 a year earlier. Analysts on average had expected earnings of C$1.21, according to Thomson Reuters I/B/E/S.

Rivals Royal Bank of Canada RY.TO and Bank of Montreal BMO.TO also reported results that beat market forecasts this week. said net income, excluding one-off items, rose to C$2.42 billion ($1.87 billion) from C$2.29 billion a year earlier.

Net income at TD's U.S. retail bank rose to C$788 million from C$650 million. Wholesale Banking net income was C$302 million, up 26 percent from the third quarter last year.

($1 = 1.2913 Canadian dollars)

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