TD Bank Group’s Canadian retail unit has posted a net income of C$1.46bn for the second quarter of fiscal 2016, an increase of 1.9% compared to C$1.43bn a year ago.

For the quarter ended 30 April 2016, Canadian retail revenue was C$4.88bn, a rise of 2.3% from C$4.78bn during the same quarter in 2015.

The division’s net interest income increased 2% year-on-year to C$2.42bn from C$2.37bn. Non-interest expenses were up by 0.9% to C$2.09bn from C$2.07bn in the prior year.

The unit’s assets under administration were C$321bn at the end of 30 April 2016, while assets under management were C$254bn.

The U.S. Retail Bank registered a net income of C$719m in the second quarter, a 21% surge from C$594m in the year-ago quarter. The income includes C$611m from the U.S. Retail Bank and $108m from the bank’s investment in TD Ameritrade.

TD Bank group president and CEO Bharat Masrani said: "We are pleased to report adjusted earnings of $2.3 billion, up 5% from the second quarter last year. Our performance this quarter demonstrates our diversified business strategy and ability to generate strong organic growth."

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