TD Bank profit rises on strong retail lending

Thu May 22, 2014 6:50am EDT
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TORONTO May 22 (Reuters) - Toronto-Dominion Bank said on Thursday that its quarterly profit rose 16 percent on the back of strong Canadian and U.S. retail lending.

Canada's second-largest bank earned C$1.99 billion ($1.82 billion), or C$1.04 a share, in the second quarter ended April 30, compared with C$1.72 billion, or 89 Canadian cents a share, a year earlier.

Excluding items, including a C$63 million charge for amortization of intangibles, the bank earned C$1.09 per share. That was ahead of analysts' expectations of C$1.02, according to Thomson Reuters I/B/E/S.

TD operates a 1,300-branch network on the U.S. East Coast in addition to its Canadian retail bank. It also owns about 40 percent of TD Ameritrade Holding Corp.

($1 = 1.0934 Canadian dollars) (Reporting by Cameron French; Editing by Lisa Von Ahn)