The bank, with a substantial deposit base that gives it access to cheaper funding, has benefitted more than some other banks from rising interest rates.
TD saw margins both in Canadian and
"We had record earnings in Canadian personal and commercial banking, and a record quarter in the
The bank has also continued to invest in growing its deposit and client base, with expenses up 10 per cent in the quarter compared with a year ago including on staff, despite concerns of a slowdown ahead.
"We saw it as an important opportunity for us to invest strategically in our people in our businesses," said Tran. "We're putting more bankers on the street, more advisors on the street to help our customers as it's a very challenging environment and we want to be there for them."
He said the bank remains nimble and could respond to changing economic conditions as needed, but that it's still focused on growth.
One of the biggest sources of growth for the bank will be its pending
Tran said that the timing of regulatory approvals is not within its control.
"We continue to work toward closing the transaction, and working very hard at it, and we're making progress.”
Financial moves in anticipation of the acquisition, including a hedge against interest rate volatility and the sale of some shares of
Adjusted earnings to remove the takeover-related prep came in at
Analysts on average had expected a profit of
The census beat came despite higher-than-expected provisions for credit losses, which totalled
"Not only did TD come in ahead of expectations but it managed to earn through higher than forecast provisions," he said.
"TD saw strong performances in both of its retail businesses and the performances on both sides of the border."
Revenue totalled
TD said its Canadian personal and commercial banking business earned
TD's
Meanwhile, TD's wealth management and insurance segment earned
TD's corporate segment reported a profit of
For its full year, TD reported a profit of$17.43 billion or
This report by The Canadian Press was first published
Companies in this story: (TSX:TD)
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