TD Bank hikes dividend as earnings beat market expectations

TORONTO — TD Bank’s first-quarter net income fell seven per cent from a year earlier to $2.35 billion as a result of special items but its adjusted earnings came in ahead of analyst estimates.Removing the impact of a $405 million charge related to U.S. tax reform and other items, the Canadian lender had $2.946 billion, or $1.56 per share, in adjusted diluted earnings per share.That was up 15 per cent from a year earlier and above the analyst estimate of $1.46 per share of adjusted earnings, according to Thomson Reuters.Laurentian Bank says progress being made on problematic mortgagesScotiabank hikes dividend amid solid earnings as international banking focus pays offRoyal Bank’s mortgage juggernaut shows little sign of slowingThe bank says its quarterly payment to common shareholders will increase seven cents or 11.7 per cent to 67 cents per share.TD Bank is the last of Canada’s six biggest lenders to report its results for the fiscal first quarter ended Jan. 31.Like the others, the bank’s earnings got a lift from strong growth at home and internationally.Its Canadian retail banking arm reported net income of $1.757 billion, up 12 per cent from a year ago, while its U.S. retail banking arm posted a 19 per cent jump in net income to $952 million.“Our businesses continued to deliver good revenue growth this quarter and we further accelerated our innovation agenda by investing in capabilities to make the Bank successful well into the future,” said Bharat Masrani, TD’s chief executive officer in a statement. read more

Read More »