Businessman hand showing financial report on table
nonwarit/123RF

TD Bank Group earned a second-quarter profit of $3.17 billion, up 9% from $2.92 billion in the same quarter last year.

The Toronto-based lender says the profit amounted to $1.70 per diluted share for the quarter ended April 30, up from $1.54 per share per share a year ago.

“TD achieved record earnings this quarter, reflecting continued year-over-year revenue growth in our retail businesses in Canada and the U.S., and stronger quarter-over-quarter results in our wholesale business,” said Bharat Masrani, group president and chief executive officer, in a statement.

Provisions for credit losses in the quarter totalled $633 million, up from $556 million a year ago.

On an adjusted basis, TD says it earned $1.75 per share in the quarter, up from an adjusted profit of $1.62 per share in its second quarter last year.

Analysts on average had expected a profit of $1.67 per share, according to Thomson Reuters Eikon.

TD reported its Canadian retail business earned $1.85 billion, up from $1.83 billion a year ago. Revenue from the business, which includes wealth management and insurance, was up 8% year over year due partly to increased volumes, higher margins and more assets under management (AUM), the bank said.

AUM were $349 billion on April 30, up $60 billion, or 21%, from a year ago due to market increases, new asset growth and TD’s acquisition of Greystone Capital Management last fall.

Non-interest income in the Canadian retail business was also up 8% from a year ago.

The U.S. retail business earned $1.26 billion, up from $979 million. Revenue was up 6% but non-interest income decreased by 1% due to net fund outflows impacting wealth management fees, the bank said. AUM were US$47 billion on April 30, down US$12 billion, or 20%, from a year ago.

Profit at TD’s wholesale banking business fell to $221 million, compared with $267 million a year ago.