TD Bank Financial Group today reported that its second-quarter profit received a boost by a strong performance from its retail banking operations.

TD said net income was $599 million, or 86¢ per share, up from $490 million, or 74¢ per share, in the year-before period.

The bank earned 99¢ per share, before amortization of intangibles, which it said related to its acquisition of a 51% stake in TD Banknorth in the United States and Canada Trust, which it bought in fiscal 2000.

The results included several charges and gains, including an internal restructuring tax charge of $25 million after-tax, or 4¢ per share, and a restructuring charge in TD Securities that cut another 2¢ per share. There was a 5¢ gain per share from a change in accounting guidelines.

TD said revenue rose 7.4% to $2.9 billion, mostly as a result of stronger contributions from its retail banking and wholesale banking units. Return on equity was 17% in the quarter, flat from a year-ago.

As for wealth management, the bank said robust mutual fund sales and continuing progress in the advice-based businesses drove solid net income results for its global wealth management business in the second quarter. However, muted discount brokerage volumes, particularly in April, partially offset these results as market volatility kept many investors on the sidelines.

The bank set aside $20 million for bad loans in the quarter, compared with a reversal of credit losses of $192 million in the same quarter last year.

TD said its second quarter results include just one month’s contribution from its 51% stake in Portland, Maine-based retail lender TD Banknorth, a US$4 billion buy which TD completed in March.

“We have pursued a strategy aimed at delivering consistent and growing earnings for shareholders at lower risk than our peers and this quarter we have delivered on that strategy,” said Ed Clark, TD president and CEO, in a release. “The addition of TD Banknorth represents a significant milestone for TDBFG and provides us with another viable growth platform for many years to come,” he added.