May 28, 2009 / 11:58 AM / 9 years ago

UPDATE 1-TD Bank Q2 profit down on hedging charges

* Q2 EPS C$0.68 vs EPS C$1.12 yr-ago

* Adjusted Q2 EPS C$1.23 vs EPS C$1.32 yr-ago

* Q2 credit loss provision C$656 mln

TORONTO, May 28 (Reuters) - Toronto-Dominion Bank (TD.TO) said on Thursday profit fell in the second quarter as it took restructuring and hedging charges.

Canada’s second-largest bank said it earned C$618 million ($553 million), or 68 Canadian cents a share, in the second quarter ended April 30, compared with C$852 million, or C$1.12 a share, a year earlier.

The results included charges on amortization of intangibles, losses on hedging, restructuring and shareholder litigation.

Excluding those items, TD said it had adjusted earnings of C$1.23 per share, down from C$1.32 per share a year earlier.

Analysts were expecting adjusted earnings of C$1.13 a share, according to Reuters Estimates.

“We’re feeling quite good about these results,” TD Chief Executive Ed Clark said in a statement. “All TD businesses are holding up very well under the weight of the recession in Canada and the United States.”

TD Bank said provisions for credit losses rose to C$656 million from C$232 million a year ago. Bad loans have been increasing at Canadian banks as the economy struggles and unemployment rises.

Shares of TD closed at C$50.28 Wednesday on the Toronto Stock Exchange.

($1=$1.12 Canadian)

Reporting by Andrea Hopkins, editing by Dave Zimmerman

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