RBC, TD sail past second-quarter profit estimates
Toronto-Dominion Bank (TD.TO) topped analyst estimates in its fiscal second-quarter amid double-digit gains in its American banking business.
TD Bank's total profit rose nine per cent year-over-year to $3.17 billion in the three-month period ending Apr. 30. On an adjusted basis, the bank earned $1.75 per share. Analysts, on average, were expecting $1.68 in profit per share.
The bank benefited from a 29-per-cent profit surge south of the border, as U.S. retail earnings reached $1.26 billion.
In Canada, growth was far more muted as profit in domestic banking inched up one per cent to $1.85 billion.
There was some relief for investors in TD's wholesale business, which returned to profitability after posting a $17-million loss in the previous quarter.
"TD achieved record earnings this quarter, reflecting continued year-over-year revenue growth in our retail businesses in Canada and the U.S., and stronger quarter-over-quarter results in our wholesale business," said TD CEO Bharat Masrani in a release.
"We made strong progress in the quarter, adding new capabilities, strengthening our business, and advancing our strategic priorities as we continue to build the bank of the future."