TD Bank Group reported its third-quarter profit grew to $3.248 billion, helped by improved results across the bank.
The Toronto-based lender said Thursday the profit amounted to $1.74 per diluted share for the quarter ended July 31.
The result was up from $3.105 billion or $1.65 per diluted share in the same quarter last year.
On an adjusted basis, TD says it earned $1.79 per diluted share for the quarter, up from $1.66 per diluted share a year ago.
Analysts on average had expected a profit of $1.80 per share for the quarter, according to the financial markets data firm Refinitiv.
TD chief executive Bharat Masrani says the results reflected increased earnings and revenue growth across all of the bank’s business segments.
“Our record earnings are a testament to the strength of our diversified business model which enables us to enrich the lives of our customers as we continue to innovate for the future,” Masrani said.
The results came as TD’s Canadian retail business reported a profit of $1.89 billion, up from $1.85 billion in the same quarter last year.
TD’s U.S. retail operations earned $1.29 billion in the quarter, up from $1.14 billion a year ago. TD Ameritrade contributed $294 million compared with $224 million a year ago, while the U.S. retail bank earned $993 million, up from $918 million.
The wholesale banking division earned $244 million, up from $223 million.
Provisions for credit losses — or money set aside for bad loans — totalled $655 million, up from $561 million a year ago.
TD’s common equity tier 1 capital ratio, a key measure of the bank’s financial health, was 12.0% at the end of its third quarter compared with 11.7% a year earlier.