Toronto Dominion (TD) has posted a net income
of C$1.48bn ($1.5bn), down 5.4% year-on-year (y-o-y) for the three
months to 31 January.
TD’s Canadian Personal and Commercial
(P&C) Banking unit posted a record quarter, with reported net
income of $826m, up 7.4%.
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Adjusted net income was $850m, up 11% from the
same period last year. Results for the quarter were driven by good
volume growth in commercial lending and in personal deposits and
loans, stable credit, and record efficiency.
“Low interest rates continue to present a
challenge, but despite this environment, Canadian P&C delivered
a record quarter,” said Tim Hockey, group head, Canadian Banking,
Auto Finance, and Credit Cards.
Canadian retail highlights included a 4%
increase y-o-y in average personal deposits.
TD has increased the size of its Canada-based
branch network by 21 net outlets in the past year to 1,150
branches.
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By GlobalDataTD’s cost-income ratio at the Canada P&C
unit inched up by 10 basis points y-o-y to 45.1%.
TD’s US P&C banking unit delivered a
strong quarter with reported net income of $165m and adjusted net
income of $345m, up 6% from the same time last year driven
primarily by strong organic growth.
Group wide, TD’s total assets increased by
16.5% y-o-y to C$773.7bn.
