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.
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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.
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By GlobalDataGroup 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."
