UPDATE 1-TD Bank profit inches higher; stock split announced

Thu Dec 5, 2013 8:38am EST
 
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* Profit misses estimates; wholesale banking income falls

* Bank to split stock, to raise dividend by 1.2 pct

* Extends shareholder agreement with TD Ameritrade to 2021

TORONTO, Dec 5 (Reuters) - Toronto-Dominion Bank, Canada's second-biggest bank, said on Thursday its quarterly profit rose 1.6 percent, missing expectations, and it announced a 2-for-1 stock split.

The bank also raised its dividend 1.2 percent.

TD, which in addition to its Canadian retail bank operates a 1,300-branch network on the U.S. East Coast, earned C$1.62 billion ($1.52 billion), or C$1.68 a share, in the fourth quarter that ended Oct. 31.

That compared with a year-earlier profit of C$1.60 billion, or C$1.66 a share.

Excluding a C$90 million restructuring charge, a C$59 million hit for amortization of intangibles, and other items, the bank earned C$1.90 a share, up from C$1.83.

Analysts on average had expected C$1.99, according to Thomson Reuters I/B/E/S.   Continued...