TD Bank’s Q3 Financial Results Reflect 17% Growth In Earnings

TD Bank Group (TD) today announced its financial results for the third quarter ended July 31, 2017, reflecting:

• impressive earnings and revenue growth,
• better credit performance across all their businesses,
• and lower insurance claims

THIRD QUARTER FINANCIAL HIGHLIGHTS (all amounts are expressed in Canadian dollars) compared with the third quarter last year:

• Reported earnings: UP 17% to $2.8 billion
• Reported diluted earnings per share: UP 17.7% to $1.46,
• Adjusted diluted earnings per share: UP 18.9% to $1.51,
• Reported net income: UP 17.4% to $2,769 million
• Adjusted net income: UP 18.6% to $2,865 million.

YEAR-TO-DATE FINANCIAL HIGHLIGHTS (all amounts are expressed in Canadian dollars)

• Reported diluted earnings per share: UP 17.6% to $4.08
• Adjusted diluted earnings per share: UP 14.8% to $4.18
• Reported net income: UP 17.66% to $7,805 million
• Adjusted net income: UP 14.96% to $7,984 million

Canadian Retail (all amounts are expressed in Canadian dollars)

• net income: UP 14% to $725 million, an increase of 14% from the third quarter last year, reflecting good revenue growth and lower insurance claims.

U.S. Retail (all amounts are expressed in U.S. dollars)

• net income: UP 11.3% to $678 million
• The U.S. Retail Bank net income (which excludes the Bank’s investment in TD Ameritrade): UP 15% to $590 million compared with the third quarter last year. On a year-to-date basis revenue growth was UP 10% to $504 million
• TD Ameritrade earnings: DOWN 9% to $88 million compared with the third quarter last year.

Wholesale Banking

• net income was $293 million reflecting revenue growth from corporate lending and trading.

Capital

• TD’s Common Equity Tier 1 Capital ratio on a Basel III fully phased-in basis was 11.0%, compared to 10.8% last quarter.

Bharat Masrani, Group President and Chief Executive Officer commented in today’s press release: