TD Bank hikes dividend as profit beats expectations
Toronto-Dominion Bank reported a year-over-year profit boost of 76 per cent to $6.67 billion in the fourth quarter, beating analyst expectations.
The bank’s adjusted earnings came to $4.06 billion in the three months ending Oct. 31, or $2.18 per share, beating average analyst expectations of $2.07 per share. TD Bank also raised its quarterly dividend to 96 cents from 89 cents, payable on January 31, 2023.
“I’m extremely pleased with our earnings performance this quarter, which capped off a strong year demonstrating the benefit of our diversified business model and prudent risk and financial management,” said TD Bank Group president and chief executive officer Bharat Masrani in a press release accompanying the results. “The strength and resilience of our franchise enabled the Bank to invest in our business and deliver for our shareholders.”
For the full 2022 fiscal year, TD Bank reported a net income of $17.43 billion, up more than 20 per cent from last year.
TD’s personal and commercial banking led the gains with this segment’s net income rising 11 per cent in the fourth quarter to $1.69 billion. Revenues increased 16 per cent on higher net interest income and more client acquisition and activity.
The U.S. retail banking segment, excluding TD’s investment in the Charles Schwab Corp., reported a profit of $1.23 billion, rising nine per cent from a year ago. Profits in TD’s wealth management and insurance segment fell 15 per cent to $516 million as insurance claims expenses grew.
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