Toronto-Dominion Bank’s Third Quarter Profit Exceeds Loan Loss Allowance

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TORONTO, 26 Aug (Reuters)Toronto Dominion Bank TD.TO reported higher third-quarter earnings on Thursday, which beat analysts’ estimates as the company recovered provisions for loan losses and saw growth in its retail banking divisions in Canada and the US.

Net income excluding one-off items increased to C $ 3.63 billion ($ 2.88 billion) or C $ 1.96 per share in the three months ended July 31, up from C $ 2.33 billion, or 1 , 25 Canadian dollars, a year earlier. Analysts were expecting C $ 1.92 per share, according to IBES data from Refinitiv.

Canada’s second largest lender by market value reported total net income of C $ 3.55 billion, or C $ 1.92 per share, up from C $ 2.25 billion or C $ 1.21 a year ago.

The bank issued loan loss provisions of C $ 37 million, while analysts expected it to require reserves of C $ 155.6 million.

(1 dollar = 1.2607 Canadian dollars)

(Reporting by Niket Nishant in Bangalore and Nikolai Saminater in Toronto; editing by Rashmi Aych)

((Niket.Nishant@thomsonreuters.com))

The views and opinions expressed herein are those of the author and do not necessarily reflect the views of Nasdaq, Inc.

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