Toronto Dominion (TD), Canada’s
second-largest bank, has reported first quarter net earnings of
C$1.3bn ($1.26bn), almost double the $653m earned in the same
period last year. Loan-loss provisions fell to C$517m from C$630m
in the corresponding a year ago.

“Our year is off to a great start after an
excellent first quarter that featured record revenue of more than
$5bn, stable levels of loan losses and good expense management,”
said president and CEO Ed Clark.

“These results display the earnings power of
our Canadian retail business.”

The bank’s Canadian-based personal and
commercial unit posted record net profits of C$720m, up 23%, while
US personal and commercial banking profits were flat at C$181m.