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TD Bank beats profit estimates, lifts dividend 13% -Breaking

by Mike Robinson

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© Reuters. FILE PHOTO – A branch of Toronto-Dominion Bank logos is visible outside an Ottawa, Ontario (Canada) branch on February 14, 2019. REUTERS/Chris Wattie

(Reuters) – Toronto-Dominion Bank beat analyst estimates Thursday for its quarterly profit. This was due to growth in its U.S. retail banking divisions and an increase of its dividend by 13%.

Canada’s second largest lender reported that its adjusted net income increased to C$3.87 Billion ($3.02 Billillion), or C$2.09 billion in the fourth quarter ending Oct. 31. This is compared with C$2.97Billion, or C$1.60 Cents a year ago. According to IBES data, Refinitiv found that analysts had predicted a profit average of C$1.96 per share.

Also, the bank increased its dividend to 10 Canadian cents in the quarter ended Jan. 31, 2022. This is a significant increase from the 79 Canadian Cents earned for the previous six quarters.

($1 = 1.28 Canadian dollars)

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