TD Bank Group’s Canadian retail unit has registered a net income of C$1.5bn in the fourth quarter of 2015, up 14.7% from C$ 1.3bn a year ago.
The unit’s adjusted net income increased 10.1% to C$1.5bn from C$1.36bn in the prior year. The rise was mainly driven by good loan and deposit volume growth, wealth asset growth, strong credit performance, higher insurance earnings, and good expense management.
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For the quarter ended 31 October 2015, Canadian retail revenue increased 1.5% to C$4.98bn from C$4.92bn in the corresponding quarter of 2014.
Net interest income was C$2.5bn, a rise of 2.5% as against C$2.43bn in the year-ago quarter, primarily due to good loan and deposit volume growth partially offset by lower margins.
The personal banking business generated strong lending volume growth of C$13.3bn, or 5%, compared with a year earlier.
As of 31 October 2015, the unit’s assets under administration rose 6% to C$310bn, while assets under management increased 8% to C$245bn.
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By GlobalDataUS Retail
The bank’s US retail bank posted a net income of C$595m for the fourth quarter, up 16.8% compared to C$509m a year ago.
Total revenue at US retail bank increased 22.3% to C$2.5bn from C$2.05 in the year-ago quarter.
Group president and CEO Bharat Masrani said: "Our 2015 results truly demonstrate the strength and resilience of TD’s earnings power. This year we took decisive steps to optimize our operations and adapt to a slower growth environment, enabling us to reinvest in our businesses, and positioning us well for growth.
"We will continue to grow, take market share and relentlessly focus on delivering legendary customer experiences across all of our businesses and channels. I would like to thank our incredible employees for their continuing outstanding dedication and contributions to building the even Better Bank."
