TD Bank reports $2.96B fourth-quarter profit up from $2.71B year ago

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TORONTO — TD Bank Group says it earned $2.96 billion in its fourth quarter, up from $2.71 billion in the same quarter a year ago.

The bank says the profit amounted to $1.58 per diluted share for the three months ended Oct. 31, up from $1.42 per diluted share a year ago.

Revenue totalled $10.12 billion, up from $9.27 billion in the fourth quarter last year.

Provisions for credit losses for the quarter totalled $670 million, up from $578 million a year ago.

On an adjusted basis, TD says it earned $1.63 per share for the quarter, up from an adjusted profit of $1.36 per share a year ago.

Thomson Reuters Eikon says analysts on average had expected a profit of $1.62 per share.

“I am extremely pleased with our earnings performance in the fourth quarter, which capped a very strong year,” Bharat Masrani, TD Bank Group president and chief executive, said in a statement.

“2018 represented a year of tremendous progress as we advanced key strategic priorities and continued to innovate to strengthen our competitive advantage.”

 

Companies in this story: (TSX:TD)

 

The Canadian Press