TORONTO (Reuters) - Canada’s Toronto-Dominion Bank (TD.TO) reported on Thursday a 20 percent rise in fourth-quarter earnings, marginally ahead of analysts’ expectations, helped by strong growth at its U.S. retail business.
TD said earnings per share, excluding one-off items, rose to C$1.63 in the quarter ended Oct. 31, compared with C$1.36 a year ago. Analysts had, on average, forecast earnings of C$1.62, according to IBES data from Refinitiv.
Canada’s second biggest lender by market value, which has substantial operations in the United States, said net income, excluding one-off items, rose by 17 percent to C$3.05 billion during the period.
The bank’s Canadian retail business grew net income by 5 percent to C$1.74 billion, helped by gaining market share in mortgages. Its U.S. retail business saw a 44 percent increase in net income to C$1.14 billion, reflecting higher margins resulting from interest rate hikes and beneficial tax reforms.
For the full year, TD reported net income of C$12.2 billion, up 15 percent on the year before.
Reporting by Matt Scuffham; Editing by Kirsten Donovan and Edmund Blair