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."


poll image

What stands out most so far in bank earnings season?

    Total Results: 0