August 29, 2013 / 10:51 AM / 4 years ago

TD Bank profit falls 10 percent on insurance losses

1 Min Read

TORONTO, Aug 29 (Reuters) - Toronto-Dominion Bank's quarterly profit fell 10 percent, as Canada's No. 2 lender took C$418 million in insurance-related charges partly related to severe weather in Canada during the summer.

The bank, the final large Canadian bank to report results for the period, raised its quarterly dividend by 5 percent to 85 Canadian cents a share, it said on Thursday.

TD earned C$1.53 billion, or C$1.58 a share, in the third quarter ended July 31, compared with C$1.70 billion, or C$1.78 a share, a year earlier.

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