Canada’s second-biggest lender TD Bank has posted a net income of C$2.36bn for the third quarter of 2016, an increase of 4% compared with C$2.27bn a year ago.

For the quarter ended 31 July 2016, total revenues rose to C$8.7bn from C$8bn in the third quarter of 2015.

The bank’s Canadian retail business posted net income of C$1.5bn compared with C$1.6bn in the same quarter last year. Revenue grew 3% compared with the third quarter of fiscal year 2015.

The US retail arm of the bank posted net income of C$788m (US$609m) in the third quarter compared with C$674m (US$543m) on a reported basis and C$650m (US$524m) on an adjusted basis in the year ago third quarter.

The US Retail Bank, which excludes the bank's investment in TD Ameritrade, generated net income of C$663m (US$512m), an increase of 14% (9% in US dollars) on a reported basis and 19% (14% in US dollars) on an adjusted basis compared with the third quarter last year.

The lender said TD Ameritrade contributed C$125m (US$97m) in earnings to the segment, an increase of 36% (31% in US dollars) compared with the third quarter of last year.

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At the end of the quarter, the bank’s Common Equity Tier 1 Capital ratio on a Basel III fully phased-in basis was 10.4%, compared with 10.1% in the previous quarter.

TD Bank group president and CEO Bharat Masrani said: "TD's results demonstrate the strength of our diversified business model, with adjusted earnings of C$2.4bn, up 6% from the third quarter last year. Our performance reflects both organic growth and a focus on expense management."