TD Bank Financial Group announced on Tuesdaythat its provision for credit loss in the second quarter, which ended , April 30, will be $400 million.

The bank estimates that its provision for credit loss for fiscal year 2002 will increase from the previously announced range of $1.1 to $1.2 billion, to $1.1 to $1.3 billion.

TD said approximately $100 million will be charged during the quarter as a result of the bank’ss approximately $125 million net exposure to Teleglobe.

Approximately $60 million will also be charged during the quarter as a result of further deterioration in Argentina. This is in addition to the $40 million charged in the first quarter and is a result of the bank’s exposure to Argentina, as previously disclosed.

“Given our focus in the telecom sector, we continue to experience the effects of on-going deterioration. As we manage in a persistently challenging environment, we feel that our conservative approach to our provision for credit loss and our investments is appropriate,” said Chairman and CEO Charles Baillie.