TD Bank profit falls 10 percent on insurance losses

Thu Aug 29, 2013 6:50am EDT
Email This Article |
Share This Article
  • Facebook
  • LinkedIn
  • Twitter
| Print This Article
[-] Text [+]

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.