TD Bank third-quarter net profit rises 29 percent
By APThursday, September 2, 2010
TD Bank profit rises 29 percent
TORONTO — Toronto-Dominion Bank, North America’s sixth largest bank by branches, increased profit by 29 percent in the third quarter on a record quarter by its Canadian retail banking operations.
The Toronto-based bank earned $1.18 billion Canadian (US$1.12 billion), or $1.29 Canadian a share ($1.23), for the quarter ended July 31. That’s up from a year-earlier profit of $912 million Canadian (US$868 million), or $1.01 Canadian (US96 cents) per share.
Canada’s second largest bank entered the U.S. market six years ago and bulked up its presence with the 2007 purchase of New Jersey-based Commerce Bancorp. TD CEO Ed Clark says the bank’s U.S. operations posted their highest level of profit since entering the market.
TD has more than 2,300 retail operations in both Canada and the U.S.
