Toronto-Dominion Bank's quarterly profit rises 10.4 percent

Thu May 26, 2016 11:31am EDT
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(Reuters) - Toronto-Dominion Bank (TD.TO: Quote), Canada's second-biggest lender, reported a 10.4 percent rise in quarterly profit on Thursday, helped by growth in its retail banking business.

The Toronto-based bank's Canadian retail operations earned C$1.5 billion ($1.16 billion) in the second quarter ended April 30, an increase of 2 percent from last year, while its U.S. retail business earned C$719 million, a rise of 21 percent.

The bank said it put aside C$584 million to cover bad loans in the period, compared with C$642 million in its first quarter and C$375 million in the second quarter of 2015.

Net income rose to C$2.05 billion, or C$1.07 per share, from C$1.86 billion, or 97 Canadian cents per share, a year earlier.

(Reporting by Anet Josline Pinto in Bengaluru; Editing by Ted Kerr)

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