(November 18 – 10:00 ET) – TD Bank is reporting its 1999 results for the year ended October 31. Excluding its gains for the IPO of TD Waterhouse, it recorded earnings are $2.39 per share, up 24% from 1998.
TD’s return on equity reached 18.3% on profits of $1.5 billion – excluding special gains. For the fourth quarter alone, the bank earned $860 million, including special gains of $471 million due to the sale of its stake in U.S. broker Knight/Trimark.
TD’s “other income” category was strong in 1999, generating more than $1 billion in profit – up 59% and driven by growth in its wealth management businesses and the capital markets.
TD’s mutual fund revenues grew 25% over 1998, as did the income from its full-service subsidiary TD Evergreen Investment Services. Corporate and investment banking also generated $206 million worth of trading income this year, compared with a loss last year. Underwriting revenue and equity sales and trading revenue both increased over 100%.
For more please see: