TD Bank Financial Group today announced a profit of $480 million for the third quarter ended July 31, 2003, reversing last year’s $428 million loss in the corresponding period.

Diluted earnings per share were $0.73 in the third quarter, compared to a loss of $0.43 per share in the second quarter and $0.63 for the same period last year.

The bank also increased its dividend by four cents to 32 cents, effective in the fourth quarter, which ends October 31, 2003.

A strong performance in its retail banking and wealth management divisions were key in the turnover. The bank credits higher insurance income and transaction-based fees for its revenue growth in its personal and commercial banking division. Meanwhile, strong gains in North American trading volumes resulted in Wealth Management’s third quarter cash basis net of $82 million, an increase of $64 million from the same quarter last year.

TD reported total assets of $302 billion at the end of the third quarter, which is $24 billion higher than at the beginning of its fiscal year in November 2002.