TD Bank Financial Group today reported an increase in second-quarter profit thanks to a strong performance in Canadian retail banking and wealth management.

The bank said net income for the quarter ended April 30 grew to $738 million, or $1.01 a share, from $599 million, or 86¢ a share in the year-ago period.

“Once again, our operating results this quarter clearly show consistent performance focused on long-term growth,” CEO Ed Clark said in a news release.

“Consistent operational excellence and record-breaking customer service levels are what we continue to see from our Canadian personal and commercial bank,” said Clark.

“We’ve been focused on growing small business banking, insurance and credit card products, and I’m pleased with the progress we’ve made. Clearly, our strategy is working.”

Revenues were $3.1 billion during the quarter, compared with $2.9 billion in the same period a year earlier.

Profit at the bank’s wealth management division jumped 54% to a record $512 million, amid surging trading volumes and sales of mutual funds.

Profit at the bank’s U.S. personal and consumer banking business jumped to $59 million from the $19 million it reported last year, when the TD Banknorth results were not fully included. However, the U.S. operation’s earnings were lower than in the previous three quarters.

TD’s Canadian consumer banking unit saw its profit rise 16% to $465 million in the second quarter.

Profit at the bank’s investment banking arm, however, fell 6.7% to $140 million.

The bank also declared a 44¢ dividend.

Separately, TD announced the appointment of Irene Miller to its board of directors. Miller is the CEO of Akim, Inc., an American investment management and consulting firm based in New York City.

“Irene’s extensive knowledge of the U.S. marketplace and her track record as an experienced Director will be a tremendous asset to the board,” said John Thompson, chairman of the board of TD Bank Financial Group.

The appointment of Miller brings the total number of TD directors to 17.