Canada-based TD Bank has registered an increase in reported net income of C$1.62bn for the fourth quarter ended 31 October 2013, compared to C$1.59bn during the comparable period last fiscal.
The bank said that it fourth quarter result was backed by strong performances from its Canadian and US personal and commercial banking businesses, and the wealth business.
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Commenting on the financial result, TD Bank group president and CEO, Ed Clark, said that the bank is pleased with its fourth quarter performance.
"We finished the year with adjusted earnings of over $7.1 billion, which included record results in several of our businesses.
"These results demonstrate the strength of our business fundamentals, even in a challenging operating environment," Clark added.
For the quarter, its Canadian personal and commercial banking posted reported net income of C$914m, reflecting continued good loan and deposit volume growth, favourable credit performance and effective expense management.
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By GlobalDataUS personal and commercial banking generated C$355m in reported net income for the quarter, primarily due to strong loan and deposit volume growth, the acquisition of Target’s US credit card portfolio, among others.
Wholesale Banking registered net income of C$122m for the quarter, down by 61% compared to the same period last year, mainly due to lower security gains and higher non-interest expenses.
TD’s Common Equity Tier 1 ratio on a Basel III fully phased-in basis stood at 9%, up from 8.9% last quarter.
