TD Bank profit rises 21 percent; bank raises dividend

Thu Feb 28, 2013 7:02am EST
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TORONTO Feb 28 (Reuters) - Toronto-Dominion Bank reported a 21 percent rise in quarterly profit on Thursday, driven by loan growth at its Canadian and U.S. retail banks and allowing it to raise its dividend by 5 percent.

The bank, Canada's second-largest, earned C$1.79 billion, or C$1.86 a share, in the first quarter ended on Jan 31. That compares with C$1.48 billion, or C$1.55 a share, a year earlier, when the bank took a C$171 million litigation charge.

Excluding items including C$56 million in amortization of intangibles and a C$70 million litigation reserve, earnings rose to C$2.00 a share from C$1.86.

That topped analysts' expectations of a profit of C$1.92 a share, according to Thomson Reuters I/B/E/S.

TD has about 1,100 bank branches in Canada and about 1,300 in the United States, where it has a sizeable presence on the Eastern Seaboard. It also owns 45 percent of TD Ameritrade Holding Corp.

TD raised its dividend by 4 Canadian cents to 81 Canadian cents per share.