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MarketScreener Homepage  >  Equities  >  Toronto Stock Exchange  >  The Toronto-Dominion Bank    TD   CA8911605092

THE TORONTO-DOMINION BANK

(TD)
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Toronto Dominion Bank : TD Earnings Helped By Ameritrade Stake, but Bank Misses Estimates

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11/30/2017 | 09:03am EDT

By Allison Prang

TD Bank reported adjusted earnings Thursday that missed analysts' estimates as a decline in wholesale banking and a rise in insurance claims offset gains from its stake in TD Ameritrade and its U.S. and Canadian operations.

The Toronto-based bank reported net income of C$2.71 billion ($2.1 billion), or C$1.42 a share, compared with C$2.3 billion, or C$1.20 a share this time last year. Adjusted net income rose 11% to C$2.6 billion, or C$1.36 a share.

Analysts polled by Thomson Reuters were predicting C$1.39 a share.

Net income in the bank's Canadian retail division rose 11% to C$1.66 billion. Net income in the bank's U.S. retail division rose 11% to C$776 million.

Net income from the bank's wholesale banking division was C$231 million, down 2.9% from C$238 million a year ago. The drop in wholesale banking was "not particularly concerning," said Riaz Ahmed, TD's chief financial officer, in an interview. He said the drop was largely due to lower trading activity from low volatility in markets.

TD's total revenue rose 6% to C$9.27 billion. The bank also increased its credit-loss provision by 5.5% to C$578 million. Noninterest expenses fell by under half a percent to C$4.83 billion and insurance claims and related expenses rose 5% to C$615 million. The bank said last month it expected the Ameritrade division -- in which it owns more than a 40% stake -- to help earnings for the quarter. The division helped earnings by C$105 million, up 13% from a year ago.

Housing demand and the economy have helped Canadian banks in recent months. TD, the sixth largest bank in North America and second largest bank in Canada, closed a deal in September to buy Scottrade Bank for a reported $1.4 billion in cash.

Shares in TD were unchanged in premarket trading.

 
 --Vipal Monga contributed to this article 
 

Write to Allison Prang at allison.prang@wsj.com

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Financials (CAD)
Sales 2019 38 722 M
EBIT 2019 16 685 M
Net income 2019 11 936 M
Debt 2019 -
Yield 2019 3,89%
P/E ratio 2019 11,5x
P/E ratio 2020 10,8x
Capi. / Sales2019 3,49x
Capi. / Sales2020 3,33x
Capitalization 135 B
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Mean consensus OUTPERFORM
Number of Analysts 16
Average target price 79,38  CAD
Last Close Price 74,33  CAD
Spread / Highest target 13,0%
Spread / Average Target 6,79%
Spread / Lowest Target -12,6%
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Managers
NameTitle
Bharat B. Masrani Group President, CEO & Non-Independent Director
Brian Michael Levitt Non-Executive Chairman
Riaz E. Ahmed Chief Financial Officer
Michael George Rhodes Group Head-Innovation & Technology
William E. Bennett Independent Director
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