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Nov 29, 2018

TD Bank's U.S. lender outshines domestic banking gains

TD, CIBC deliver mixed fourth-quarter results

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Toronto-Dominion Bank’s U.S. consumer-banking business is outshining its Canadian operations.

Toronto-Dominion had a 44 per cent jump in earnings from the U.S. retail segment in the fiscal fourth quarter, helped by improving net interest margins, record contributions from a stake in the TD Ameritrade discount brokerage and the U.S. tax overhaul. Profit from U.S. retail rose to $1.11 billion, outperforming growth in Canada and its wholesale banking division, the Toronto-based lender said Thursday in a statement.

Key Insights

-Despite its roots, Toronto-Dominion has more branches in the U.S. than in Canada. Its U.S. lender, TD Bank, had 1,257 locations in a network stretching from Maine to Florida, compared with 1,098 branches in its domestic market at the end of October.

-About 20 per cent of U.S. retail earnings in the quarter came from its 41 per cent stake in Omaha, Nebraska-based TD Ameritrade. The firm’s contribution of $228 million was the most since the Canadian lender sold its U.S. brokerage to Ameritrade Holding Corp. 12 years ago, taking a stake in the combined company.

Market Reaction

-Toronto-Dominion is the best performing bank stock among Canada’s largest lenders, with shares little changed for the year to Wednesday’s close. The stock has outperformed the 4.4 per cent decline of Canada’s eight-company S&P/TSX Commercial Banks Index.

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-Net income for the quarter ended Oct. 31 rose 9.1 per cent to $2.96 billion, or $1.58 a share. Adjusted earnings were $1.63 a share, beating the $1.60-a-share average estimate of 14 analysts surveyed by Bloomberg.

-Toronto-Dominion saw gains in all of its three main business lines, and the wholesale business that includes TD Securities posted a 24 percent jump in profit to C$286 million.