TD Bank Group’s Canadian retail arm has posted a net income of C$1.51bn for the first quarter of 2016, up 4.4% compared to C$1.45bn in the year-ago quarter.

For the quarter ended 31 January 2016, Canadian retail revenue was C$5.03bn, a rise of 2.6% from C$4.9bn a year earlier.

The unit’s net interest income increased 2.2% to C$2.49bn from C$2.43bn in the prior year.

The personal banking business generated average lending volume growth of C$14.4bn, or 5%, compared with the prior year quarter.

The unit’s assets under administration were C$308bn as at 31 January 2016, while assets under management were C$247bn.

Net income at the US retail bank division, which excludes the bank’s investment in TD Ameritrade, surged 20% year-on-year to C$642m. Including the bank’s investment in TD Ameritrade, the unit’s net income stood at C$751m.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Group president and CEO Bharat Masrani said: "We are pleased to report adjusted earnings of $2.2 billion, up 6% from the first quarter last year. Our performance reflects organic growth, favourable currency translation and expense management."