For the first quarter ending January 31, 2017, TD Bank has reported profit of $2.53 billion, up almost 14% compared with the same quarter a year earlier.
The increase reflects growth across all segments, says the bank’s report to shareholders.
The bank’s Canadian retail net income, which includes its Canadian personal and commercial banking, wealth and insurance businesses, was $1.57 billion, an increase of $53 million, or 4%, compared with the first quarter a year earlier. The increase reflects revenue growth and lower insurance claims, partially offset by higher non-interest expenses and higher provision for credit losses. The segment’s annualized ROE for the quarter was 43.2%, compared with 42.6% in the first quarter last year.
Overall diluted earnings per share were $1.32, compared with $1.17 in Q1 last year, and adjusted diluted earnings per share were $1.33, compared with $1.18. Adjusted net income was $2.56 billion, compared with $2.25 billion last year.
TD also reported $9.12 billion of revenue during the quarter, up from $8.61 billion a year ago.
Canadian retail revenue was $5.20 billion for the quarter, an increase of $172 million, or 3%, compared with the first quarter last year. AUA for Canadian retail was $390 billion as of January 31, 2017, an increase of $48 billion, or 14%, compared with Q1 2016. AUM, meanwhile, was $266 billion as of January 31, 2017, an increase of $18 billion, or 7%. The bank attributed both increases to new asset growth and increases in market value.
The bank says its quarterly dividend will rise by five cents to 60 cents per share, payable on May 1.
TD also announced plans to return capital to shareholders by buying back 15 million of its common shares.
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