TD Bank Group’s Canadian retail business has posted net income of C$1.4bn for the third quarter of 2014, a surge of 54% over the same quarter last year.
The bank said that this performance was driven by good loan and deposit growth, good credit quality, Aeroplan contribution, higher wealth assets, and very strong operating leverage.
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Tim Hockey , group head of Canadian banking, auto finance and wealth management, said: "Canadian retail delivered a strong third quarter with all business lines contributing. We were once again recognized as an industry leader in customer service and we will continue to focus on increasing our market share, driving efficiency and delivering industry-leading comfort and convenience through strategic investments in the business."
The bank’s US retail banking business posted net income of US$518m, an increase of 4% compared with the third quarter last year.
Excluding the bank’s investment in TD Ameritrade, the segment generated net income of US$449m, an increase of 4%.
TD Ameritrade contributed US$69m in earnings to the segment, an increase of 1% compared with the third quarter last year.
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By GlobalDataMike Pedersen, group head of US banking said: "US retail continued to deliver on our organic growth strategy. Customer acquisition and deposit and lending growth were strong, with business lending especially good in the third quarter.
"The US banking environment continues to face headwinds, but we remain focused on building the franchise and delivering legendary customer experiences."
For the quarter ended 31 July 2014, the banking group posted adjusted earnings of $2.2bn, a 37% increase from the third quarter last year.
Ed Clark , group president and CEO of the bank, said: "TD’s third quarter was especially strong, even after taking into account the additional charges in our insurance business last year. Our performance was fueled by good organic growth, support from recent acquisitions and continued favourable credit conditions. We’re very pleased that we achieved these results, while at the same time maintaining our investments in future growth."
