May 26, 2011 / 10:57 AM / 7 years ago

UPDATE 2-TD quarterly profit lifted by lending growth

* Q2 adjusted earnings C$1.59/shr (Adds details on results, CEO comment, analysts’ estimate)

TORONTO, May 26 (Reuters) - Toronto-Dominion Bank (TD.TO) said on Thursday that its quarterly profit rose, lifted by growth in its lending portfolio and a strong performance from its wealth management arm.

Net income in the second quarter ended April 30 rose to C$1.33 billion, or C$1.46 a share, from C$1.18 billion, or C$1.30 a share, a year earlier.

Excluding acquisition-related charges, the amortization of intangibles and other one-time items, earnings in the quarter were C$1.59 a share.

Analysts on average had forecast a profit of C$1.60 a share according to Thomson Reuters I/B/E/S.

The bank said strong volume growth in business loans and deposits and solid growth in personal deposits, mortgages and indirect lending helped lift profits at its Canadian personal and commercial banking segment.

The wealth management business benefited from higher fee revenue, strong trading volume and higher margins.

TD, which also has a large retail banking presence in the United States, said revenue rose there, on the back of strong growth in loans and deposits.

“We believe the North American economic picture is continuing to improve, but that improvement is gradual and will still take some time,” Chief Executive Officer Ed Clark said in a statement. (Reporting by Euan Rocha; Editing by Lisa Von Ahn)

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