By Adriano Marchese
Toronto-Dominion Bank on Thursday reported a rise in profit in the fourth quarter of fiscal 2022, benefiting from strong performances by its largest segments and a strong U.S. dollar.
The Canadian banking and financial services corporation posted net income of 6.67 billion Canadian dollars ($4.97 billion) in the three months ended Oct. 31, or C$3.62 a share, compared with the prior-year period when it reported net income of C$3.78 billion, or C$2.04 a share.
On an adjusted basis, earnings rose to C$2.18 a share from C$2.09 a share, beating analyst expectations for a decline to C$2.05 a share, according to FactSet.
Total revenue rose to C$15.56 billion from C$10.94 billion last year.
Provision for credit losses were C$617 million, compared with a recovery of C$123 million a year earlier.
TD's common equity tier 1 capital ratio, which measures a bank's capital compared with its risk-weighted assets, rose to 16.2% from 15.2% last year.
The bank's main segments performed well in the quarter, with Canadian personal and commercial banking income growing 11% to C$1.69 billion, while a strong U.S. dollar helped its U.S. retail segment income increase 12% to C$1.54 billion.
Meanwhile, TD's wealth management and insurance unit's net income decreased by 15% to C$516 million as insurance claims and expenses rose 11% in the period, and its wholesale banking saw a decrease of 38% in net income to C$261 million.
Write to Adriano Marchese at firstname.lastname@example.org
(END) Dow Jones Newswires