Canadian lender TD Bank has reported a net income of CAD2.77bn ($2.2bn) for the third quarter of 2017, up 17% compared with CAD2.36bn ($1.8bn) in the same quarter of 2016.
Total revenue for the period ended 31 July 2017 was CAD9.28bn, up 7% from CAD8.70bn in the year ago period.
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The banking group’s common equity tier 1 capital ratio on a Basel III fully phased-in basis was 11%, as against 10.4% in the third quarter of financial year 2016.
The group’s Canadian retail business reported a net income of CAD1.72bn for the third quarter of 2017, a jump of 14% over CAD1.51bn in the year ago quarter. The division’s revenue rose 3% year-on-year to CAD5.33bn.
The US retail arm of the bank posted net income of CAD901m for the third quarter of 2017, up 14% from CAD788m a year earlier.
The US Retail Bank, which excludes the bank’s investment in TD Ameritrade, generated net income of CAD783m, a surge of 18% over the year ago period. TD Ameritrade contributed CAD118m in earnings to the segment, down 6% from last year.
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By GlobalDataTD Bank group president and CEO Bharat Masrani said: “This was a great quarter for TD reflecting impressive earnings and revenue growth, better credit performance across all our businesses, and lower insurance claims.”
