Canadian lender TD Bank has reported a net income of CAD2.71bn ($2.1bn) for the fourth quarter of 2017, an increase of 18% compared to CAD2.3bn ($1.7bn) reported a year ago.
Total revenue for the period ended 31 October 2017 was CAD9.27bn, up 6% from CAD8.74bn in the same period last year.
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The banking group’s common equity tier 1 capital ratio on a Basel III fully phased-in basis stood at 10.7% at the end of October 2017.
The group’s Canadian retail business reported a net income of CAD1.66bn for the fourth quarter of 2017, an 11% rise from CAD1.5bn in the corresponding quarter of 2016. The unit’s revenue rose 5% year-on-year to CAD5.4bn.
The US retail division of the bank posted net income of CAD776m for the fourth quarter of 2017, up 11% from CAD701m in the previous year.
The US Retail Bank, which excludes the bank’s investment in TD Ameritrade, reported net income of CAD671m, a 10% increase from the year ago period. TD Ameritrade contributed CAD105m in earnings to the segment, up 13% from last year.
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By GlobalDataTD Bank group president and CEO Bharat Masrani said: “We are pleased with our performance this quarter and our overall earnings growth in 2017. Our businesses delivered good revenue growth and market share gains, and we made significant investments to transform and enhance the customer experience.”
