TD Bank Group reported a first-quarter profit of $4 billion, up from $2.8 billion a year earlier.
The bank said Thursday the profit amounted to $2.34 per diluted share for the quarter ended Jan. 31, up from $1.55 per diluted share last year.
Revenue totalled $16.6 billion, up from $14.1 billion.
TD’s provision for credit losses amounted to $1 billion, down from $1.2 billion a year ago.
On an adjusted basis, TD says it earned $2.44 per diluted share in its latest quarter, up from $2.02 per diluted share a year earlier.
The average analyst estimate had been for a profit of $2.26 per share, according to LSEG Data & Analytics.
TD chief executive Raymond Chun said the bank delivered strong first-quarter results, including record adjusted earnings.
“We achieved robust trading and fee income growth in our markets-driven businesses, volume growth in Canadian personal and commercial banking, and margin expansion,” Chun said in a statement.
TD said its Canadian personal and commercial banking business earned a record $2 billion, up from $1.8 billion a year earlier as it also saw record revenue, reflecting increased loan and deposit volumes. The increase in revenue mainly reflected volume growth and higher loan margins.
The bank’s wealth management and insurance business earned $757 million, up from $680 million a year earlier, helped by record assets, strong transaction revenue and insurance premiums growth. Wealth management net income of $574 million was up 12%, while insurance net income of $183 million was up 9%.
Insurance service expenses for the quarter were $1.6 billion, up 8% from the same quarter last year, primarily reflecting increased claims severity.
As of Jan. 31, TD’s wealth management and insurance segment had $771 billion in assets under administration, up 12% from the same time last year, and $610 billion in assets under administration, up 10%. The increases reflected market appreciation and net asset growth.
TD’s U.S. banking operations earned $1 billion in the quarter, up from $342 million in the same quarter last year.
TD’s wholesale banking operations, which includes its capital markets business, earned $561 million for the quarter, up from $299 million a year ago.