UPDATE 2-TD Bank profit rises despite sluggish housing growth

Thu May 23, 2013 11:21am EDT
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* Earned C$1.90 a share, vs analysts' forecast of C$1.91

* Trading revenue, U.S. income higher; shares drop 0.9 pct

* To buy back up to 1.3 percent of shares

* CFO says bank can be more active in capital deployment

By Cameron French

TORONTO, May 23 (Reuters) - Toronto-Dominion Bank reported a 2 percent increase in quarterly earnings as higher trading, business lending and U.S. banking income offset slowing loan growth in its core Canadian market.

The result, the first from a Canadian bank in a quarter that has seen Canadian housing sales activity slow, was roughly in line with analysts' estimates.

Shares fell 0.9 percent to C$83.25, underperforming TD's Canadian banking peers, which were also in the red on Thursday.

Income from TD's flagship Canadian retail bank rose 5 percent to C$847 million as stronger business lending and lower loan-loss provisions helped offset slowing consumer loan growth.   Continued...