May 25, 2017 / 10:41 AM / 5 months ago

Toronto-Dominion Bank's quarterly earnings beat market forecasts

TORONTO (Reuters) - Toronto-Dominion Bank (TD.TO) on Thursday reported second quarter results which were ahead of market expectations helped by a strong performance at its retail and investment banking businesses.

Toronto-Dominion Bank (TD) logos are seen outside of a branch in Ottawa, Ontario, Canada, May 26, 2016. REUTERS/Chris Wattie

Canada’s second-biggest bank said earnings per share, excluding one-off items, rose to C$1.34 in the quarter to April 30, from C$1.20 in the same period the previous year. Analysts had on average forecast earnings of C$1.24, according to Thomson Reuters I/B/E/S data.

The bank also said that it had largely completed a review of its sales practices that it initiated after CBC News, Canada’s national broadcaster, reported in March that TD branch staffers had said they moved customers to higher fee accounts and raised their overdraft and credit card limits without their knowledge.

“We continue to believe that we do not have a widespread problem with people acting unethically in order to achieve sales goals,” Chief Executive Bharat Masrani said.

Net income rose to C$2.5 billion ($1.9 billion) in the quarter from C$2.1 billion the previous year.

Net income at the bank’s Canadian retail business grew by 7 percent to C$1.6 billion, benefiting from record account balances in personal checking accounts and strong growth in commercial loans and deposits.

Reporting by Matt Scuffham. Editing by Jane Merriman

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