December 5, 2019 / 12:02 PM / 8 months ago

UPDATE 1-TD Bank Group's quarterly profit falls 3.5% as loan loss provisions rise

(Adds details from release)

Dec 5 (Reuters) - TD Bank Group reported a 3.5% fall in fourth-quarter profit on Thursday, as Canada’s second-biggest lender by market value was hurt by higher provisions for loan losses and a restructuring charge.

Provisions for credit losses also rose at other major Canadian banks, including bigger rival Royal Bank of Canada , Bank of Montreal, Canadian Imperial Bank of Commerce and Bank of Nova Scotia.

TD Bank’s provisions for loan losses, or the amount a bank sets aside to cover bad loans, rose 33%.

Net income at the domestic retail business rose marginally to C$1.75 billion ($1.32 billion), while U.S. retail business’ net income grew nearly 7% to C$1.19 billion.

The lender disclosed a restructuring charge of $154 million in the quarter.

Net income fell to C$2.86 billion, or C$1.54 per share, in the quarter ended Oct. 31, from C$2.96 billion, or C$1.58 per share, a year earlier.

Excluding items, the lender earned C$1.59 per share.

$1 = 1.3301 Canadian dollars Reporting by Abhishek Manikandan in Bengaluru; Editing by Vinay Dwivedi

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