May 28, 2020 / 10:58 AM / a month ago

TD Bank profit tumbles on higher loan loss provisions

(Reuters) - TD Bank Group (TD.TO) reported a 52% fall in quarterly profit on Thursday, as Canada’s second-biggest lender by market value set aside more money to cover loan losses due to the COVID-19 pandemic.

Net income fell to C$1.52 billion ($1.10 billion), or 80 Canadian cents per share, in the second quarter ended April 30, from C$3.17 billion, or C$1.70 per share, a year earlier.

Total provisions for loan losses jumped over five-fold to C$3.22 billion compared with C$633 million a year earlier.

Reporting by Abhishek Manikandan in Bengaluru; Editing by Krishna Chandra Eluri

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