TD Bank Financial Group reported a 29% increase in fourth-quarter profits, fuelled largely by solid performance in its domestic businesses. The bank reported a net income of $762 million, or $1.04 a share in the quarter ended Oct. 31, up from $589 million or 82 cents for the same period last year.

In domestic banking, TD Canada Trust posted a strong quarter, the bank reported, with earnings up 13% over the fourth quarter last year. Strong volumes and customer growth in real estate secured lending, personal deposits and business deposits contributed to Canadian Personal and Commercial Banking’s broad-based earnings strength in the quarter.

Wealth management, including the bank’s equity share in TD Ameritrade, produced a solid quarter, the bank said, with a 9% increase in earnings, compared with the fourth quarter of 2005. The quarter saw TD Wealth Management generate continued growth in volumes, new assets and new clients across its discount brokerage, mutual funds, and advice channels. TD Ameritrade delivered a solid earnings performance that translated into a net income contribution of $53 million to the Bank’s Wealth Management segment in the quarter.

TD’s U.S. personal and commercial banking segment through TD Banknorth earned $63 million in the fourth quarter. While TD Banknorth’s asset quality remained solid, earnings continued to be affected by a challenging U.S. operating environment and intense competition for high-quality loans and deposits, the bank said.

“We did exactly what we said we would do in 2006 while exceeding our goal of consistently growing earnings per share between 7% to 10%,” said Ed Clark, TD Bank Financial Group president and CEO, in a release.