Canadian lender TD Bank has reported a net income of CAD2.77bn ($2.2bn) for the third quarter of 2017, up 17% compared with CAD2.36bn ($1.8bn) in the same quarter of 2016.

Total revenue for the period ended 31 July 2017 was CAD9.28bn, up 7% from CAD8.70bn in the year ago period.

The banking group’s common equity tier 1 capital ratio on a Basel III fully phased-in basis was 11%, as against 10.4% in the third quarter of financial year 2016.

The group’s Canadian retail business reported a net income of CAD1.72bn for the third quarter of 2017, a jump of 14% over CAD1.51bn in the year ago quarter. The division’s revenue rose 3% year-on-year to CAD5.33bn.

The US retail arm of the bank posted net income of CAD901m for the third quarter of 2017, up 14% from CAD788m a year earlier.

The US Retail Bank, which excludes the bank’s investment in TD Ameritrade, generated net income of CAD783m, a surge of 18% over the year ago period. TD Ameritrade contributed CAD118m in earnings to the segment, down 6% from last year.

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.

TD Bank group president and CEO Bharat Masrani said: “This was a great quarter for TD reflecting impressive earnings and revenue growth, better credit performance across all our businesses, and lower insurance claims.”