TD Bank Group (TD) today announced its financial results for the third quarter ended July 31, 2017, reflecting:
impressive earnings and revenue growth,
better credit performance across all their businesses,
and lower insurance claims
THIRD QUARTER FINANCIAL HIGHLIGHTS (all amounts are expressed in Canadian dollars) compared with the third quarter last year:
Reported earnings: UP 17% to $2.8 billion
Reported diluted earnings per share: UP 17.7% to $1.46,
Adjusted diluted earnings per share: UP 18.9% to $1.51,
Reported net income: UP 17.4% to $2,769 million
Adjusted net income: UP 18.6% to $2,865 million.
YEAR-TO-DATE FINANCIAL HIGHLIGHTS (all amounts are expressed in Canadian dollars)
Reported diluted earnings per share: UP 17.6% to $4.08
Adjusted diluted earnings per share: UP 14.8% to $4.18
Reported net income: UP 17.66% to $7,805 million
Adjusted net income: UP 14.96% to $7,984 million
Canadian Retail (all amounts are expressed in Canadian dollars)
net income: UP 14% to $725 million, an increase of 14% from the third quarter last year, reflecting good revenue growth and lower insurance claims.
U.S. Retail (all amounts are expressed in U.S. dollars)
net income: UP 11.3% to $678 million
The U.S. Retail Bank net income (which excludes the Bank’s investment in TD Ameritrade): UP 15% to $590 million compared with the third quarter last year. On a year-to-date basis revenue growth was UP 10% to $504 million
TD Ameritrade earnings: DOWN 9% to $88 million compared with the third quarter last year.
Wholesale Banking
net income was $293 million reflecting revenue growth from corporate lending and trading.
Capital
TD’s Common Equity Tier 1 Capital ratio on a Basel III fully phased-in basis was 11.0%, compared to 10.8% last quarter.
Bharat Masrani, Group President and Chief Executive Officer commented in today’s press release:
