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Toronto Dominion Bank beats fiscal 2Q profit estimate on rosy retail business

Having tacked on higher mortgage rates, TD reaped profits in the quarter amid a slowdown in Canada’s housing market

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The Canadian lender handily beat Wall Street's estimate for its 2Q profits

Toronto Dominion Bank (NYSE:TD), the Canadian lender, whizzed past analysts’ expectations in its fiscal second quarter thanks to a boost in profits from its retail business.

Net income from TD’s Canadian retail division came to C$1.83bn in the three months until April 30, up 17% from the year-ago quarter. These results were fueled by higher margins, new business and strong credit performance as well as a jump in trading volumes and assets under management from its wealth business.

The bank’s profits from its US retail business, meanwhile, amounted to US$979mln, up 16% from the same quarter last year. Its US retail bank, which excludes its investment in TD Ameritrade, reported net income of US$845mln, a 15% jump from last year’s quarter.

Looking at the results on a broader scale, on an adjusted basis, TD posted an overall profit of C$3.06bn, or C$1.62 per share, which beat analysts’ consensus estimate of C$1.50 per share. Its revenue came to C$9.5bn in the quarter.

Having tacked on higher mortgage rates, TD demonstrated its ability in the quarter to reap profits amid a slowdown in Canada’s housing market.

Toronto Dominion Bank’s shares were flat at US$59.35 in pre-market trade.

Quick facts: Toronto Dominion Bank

Price: 63.43 CAD

TSX:TD
Market: TSX
Market Cap: $114.39 billion
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