August 30, 2012 / 11:03 AM / 5 years ago

UPDATE 1-TD Bank profit rises 14 pct, dividend increased

* Adj profit C$1.91/share vs estimate C$1.84

* Stronger trading revenue drives profit gain

* Bank raises quarterly dividend by 7 pct

TORONTO, Aug 30 (Reuters) - Toronto-Dominion Bank quarterly profit rose 14 percent, coming in just head of estimates, on a sharp jump in trading-related revenue, and the bank raised its quarterly dividend.

TD, Canada’s second-largest bank, said on Thursday it earned C$1.7 billion ($1.72 billion), or C$1.78 a share, in the fiscal third quarter ended July 31. That compared with a profit of C$1.5 billion, or C$1.58 a share, a year earlier.

The bank raised its quarterly dividend by 7 percent to 77 Canadian cents a share. All five of Canada’s big banks have raised their payouts this quarter.

Excluding one-time items, the bank earned C$1.91 a share, it said. Analysts had expected a profit of C$1.84, according to Thomson Reuters I/B/E/S.

Wholesale banking profit, which includes income from investment banking, trading and advisory fees, jumped 61 percent to C$180 million, due mainly to trading-related revenue.

Income from the bank’s flagship Canadian banking unit rose 9 percent to C$864 million, driven by loan and deposit growth. Profit from its U.S. retail banking business eased 4 percent to C$284 million.

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below