TD Q2 net income beats expectations by rising 17%

TD Bank posted a more than 17% increase in net income in the second quarter compared with a year earlier, blowing past market expectations.

The Toronto-based lender reported net income attributable to common shareholders of $2.85 billion or $1.54 per diluted share for the quarter ended April 30, up from $2.43 billion or $1.31 per diluted share in the same period a year earlier.

On an adjusted basis, TD Bank said it earned $1.62 per diluted share for the period, compared with $1.34 a year earlier.

Analysts had expected a profit attributable to shareholders of $1.50 per share, according to Thomson Reuters Eikon.

The bank’s Canadian retail division’s net income totalled $1.83 billion, up 17% compared with last year, while its U.S. retail arm’s net income rose 16% to $979 million.

Read: TD hikes dividend as Q1 earnings beat estimates, AUM grows

TD Bank chief executive Bharat Masrani said the lender delivered strong earnings across its divisions.

“At the half-year mark, we are extremely pleased with the earnings growth in all of our business segments, on both sides of the border,” said Masrani in a release.

TD maintained its dividend of 67 cents per share for the quarter ending July 31, 2018.

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Staff, with files from The Canadian Press

The Canadian Press is a national news agency headquartered in Toronto and founded in 1917.