Toronto Dominion (TD) has posted record
adjusted retail earnings of C$1.4bn ($1.44bn) for the three months
to 31 January, up 30% from the same period last year.
TD’s Canada-based Personal and Commercial
Banking (PCB) unit posted a net profit of C$905 million for the
quarter, up 26% year-on-year (y-o-y) while the PCB division in the
US generated net income of $319 million in net income, up 85%
y-o-y.
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In Canada, net-interest income increased by
4.4% y-o-y to C$1.82bn; non-interest income rose by 5.9% to
C$842m.
Consumer loan volume increased $2 billion or
7% while personal deposit volume increased by $6.9 billion, or
5%.
Other Canadian highlights in the first quarter
included a 150 basis point reduction in the cost-income ratio to
45.5%.
In the US, average deposits increased S$26.9
or 23%, including acquisitions. Excluding acquisitions, average
deposits increased S$18.1 billion, or 16%.
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By GlobalDataTD ended the first quarter with a branch
network of 1,129 in Canada and 1,280 outlets in the US.
Release of TD’s first quarter earnings coincided with media
reports in the US linking TD with a possible bid for
Ohio-headquartered KeyCorp.
In fiscal 2010, 1,033-branch-strong KeyCorp posted a net profit
of $413m, following a net loss of $1.58bn the previous year.
A combination of KeyCorp and TD would create the sixth-largest
US-based lender ranked by branches with a network of over
2,300 outlets.
