Toronto Dominion (TD) Bank’s retail unit
helped push net profit up 29% percent to C$1.18bn ($1.12bn) for the
third quarter of 2010, from C$912m a year ago.
TD Bank, the sixth-largest bank by branches in
North America, posted a 24% jump in net income its Canadian
personal and commercial banking unit to C$841m. This was the
bank’s third record quarter in a row.
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But the bank said it does not expect Canadian
retail earnings to continue at this rate as the housing market
cools and the competitive environment puts pressure on
margins.
TD’s US-based personal and commercial banking
net income rose 30% to C$276m. The bank said lending had
grown 20% since the start of the downturn in 2007.
TD Bank completed three Federal Deposit
Insurance Corporation-assisted acquisitions in Florida in the
second quarter and has announced an offer to purchase The South
Financial Group. The deal is still subject to
approval.
Numbers of retail stores in the US have
increased to 1,100 in the nine months to July 2010, compared to
1,023 in July 2009, and number of branches in Canada rose slightly
to 1,116, from 1,113 in the year-ago period.
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By GlobalDataTD has spent more than $15bn on US
acquisitions over the past five years in its drive to boost income,
branch network and reduce loan losses.
