* Bank could raise dividend, depending on earnings
* Dividend has been on hold since August 2008
TORONTO, Nov 25 (Reuters) - Toronto-Dominion Bank (TD.TO), Canada’s No. 2 lender, will address the issue of its quarterly dividend early next year, the company’s chief executive said on Thursday according to a Bloomberg report.
“Whether we raise it or not, we will address the issue in the first quarter of next year,” Ed Clark, the bank’s CEO, said after a speech in Montreal, according to the report.
He said the decision on whether to raise the dividend at that time would depend on the bank’s earnings.
Clark made similar remarks in August, saying at the time that he hoped to able to provide guidance by the first quarter of fiscal 2011.
TD last raised its quarterly dividend in August 2008, just ahead of the worst of the financial crisis. Canada’s banks emerged from the turmoil in relatively strong shape, and investors are now waiting for them to resume dividend increases.
TD’s shares rose 50 Canadian cents to C$75.31 on the Toronto Stock Exchange on Thursday.
$1=$1.01 Canadian Reporting by Cameron French; editing by Peter Galloway