TD beats expectations with higher profit, lower loan losses

TD Bank Group beat expectations as it reported its fourth-quarter profit rose compared with a year ago, boosted by the sale of TD Ameritrade.

The bank says it earned $5.14 billion or $2.80 per diluted share for the quarter ended Oct. 31, up from $2.86 billion or $1.54 per diluted share a year ago.

Revenue totalled $11.84 billion, up from $10.34 billion in the same period a year earlier.

Provisions for credit losses were $917 million, up from $891 million a year ago but down from nearly $2.19 billion in the third quarter.

On an adjusted basis, TD says it earned $1.60 per diluted share in its latest quarter, up from an adjusted profit of $1.59 per diluted share in the same quarter last year.

Analysts on average had expected TD to earn an adjusted profit of $1.28 per share in the quarter, according to financial data firm Refinitiv.

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