Canadian lender TD Bank has reported net income of C$2.30bn for the fourth quarter of 2016, up 25.2% compared to C$1.84bn in the prior-year quarter.

For the quarter ended 31 October 2016, total revenue increased 8.6% to C$8.74bn from C$8.04bn the year ago.

The banking group’s common equity tier 1 capital ratio on a Basel III fully phased-in basis stood at 10.4%

The bank’s Canadian retail business posted net income of C$1.50bn for the fourth quarter of 2016, compared to C$1.49bn in the corresponding quarter of 2015. The division’s revenue grew 3% from the year earlier.

The US retail arm of the bank recorded net income of C$701m for the fourth quarter of 2016, from C$595m on a reported basis and C$646m on an adjusted basis in the fourth quarter of 2015.

The US Retail Bank, which excludes the bank's investment in TD Ameritrade, generated net income of C$608m, a 25% surge on a reported basis and 13% on an adjusted basis compared to the previous year.

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TD Ameritrade contributed C$93m in earnings to the division compared with C$109m the year ago.

TD Bank group president and CEO Bharat Masrani said: "We are pleased with our performance this quarter and overall earnings growth in 2016.

"Our results this year demonstrate the strength of our diverse business mix, organic growth strategy and the investments we've made to become a more productive and customer-focused organization."