(May 18 – 09:20 ET) – TD Bank Financial Group is reporting record growth in second quarter, after a strong performance by TD Waterhouse.

Earnings per share came in at 84¢ excluding unusual items, up 45% from the same period last year. Return on equity is up to 19.5%. Topline growth is extremely strong with total revenue up 58% over last year, 28% excluding Canada Trust. CT added 8¢ to earnings in the quarter.

“Each of our core businesses maintained exceptional momentum and delivered outstanding results, contributing to a tremendous overall performance,” said Charles Baillie, chairman and CEO of TD. He says that the integration of CT is on schedule, including the sale of businesses required by the Competition Bureau.

TD is also highlghting its e-commerce success. It now has 2.5 milllion online clients, making it among the top three worldwide. TD Securities completed a US$1.2 billiondebt financing for Rural Cellular Corporation, the first loan syndication marketed through the internet. It launched TD MarketSite, Canada’s first business-to-business electronic marketplace and trading portal. TD will be launching:wireless trading; the first interactive television equity information service; online insurance information; and Web-based cash management for small, mid-sized and corporate business customers.

Other income came in at $1.8 million up 77%, led by increases in investment banking and wealth management. TD Securities contributed $258 million in income, with revenue from mergers and acquisitions more than doubling, and trading revenue up 58%. TD Evergreen posted income growth of 77% this quarter. TD Asset Management, including CT Investment Management Group Inc., incurred a 70% increase in other income.

“Although central banks may raise interest rates during the next several months, the economic environment remains positive in Canada, the United States and our other global markets,” Baillie said. “We aim to outpace the market yet again through 2000 and build shareholder value with further progress by our core businesses.”
-IE Staff