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TD Bank reports strong 3Q and nine-month results as US operations flourish

Bank looks to complete more acquisitions by end of the year

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TD Bank Group is the sixth largest bank in North America by branches and serves more than 25mln customers.

Toronto Dominion Bank (TSX:TD) (NYSE:TD) reported a beat on both third quarter and nine-month earnings and revenue, with the bank looking at morre acquisitions in coming months.

Known popularly as TD Bank, the group reported that third quarter adjusted earnings per share reached C$1.66, compared with C$1.51 in the same period a year ago. Revenues hit C$3.105bn, from C$2.769bn in the year ago quarter.

The nine month performance showed earnings at C$4.84, up from the C$4.18 over the same period last year. Revenues stood at C$9.135bn, against C$7.984bn in the comparative period in 2017.

Shares of TD in Toronto were trading up 0.4% at C$79.66.  TD Bank shares in New York were up 0.05% to US$61.45 in the premarket, having closed on Wednesday up 0.6% at US$61.42.

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

Canada reported an increase in net income of 7% to C$1.852bn, but US retail net income climbed 27% to C$1.143bn. 

"As we enter the final quarter of fiscal 2018, we are operating from a position of strength and are focused on accelerating investment in strategic initiatives," said Bharat Masrani, the bank's president and chief executive. 

Last July, the bank acquired Greystone Managed Investments Inc and this business will included in the Canadian retail segment.

The lower tax rate enacted in the US will benefit TD Bank and have a positive impact on its numbers but the amount will vary depending on guidance by the regulatory authorities and the fact the bank may reinvest some of the savings in its operations, the bank said.

TD Bank Group is the sixth largest bank in North America by branches and serves more than 25mln customers.

It operates three key businesses operating in a number of locations in financial centres around the globe. They are Canadian Retail, US Retail which includes an investment in TD Ameritrade, and Wholesale Banking, including TD Securities.

The bank is based in Toronto, Canada.

Quick facts: Toronto Dominion Bank

Price: 63.43 CAD

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