TORONTO — TD Bank Group reported a first-quarter profit of $2.79 billion, down from $2.82 billion in the same quarter last year.
The bank says the profit amounted to $1.55 per diluted share for the quarter ended Jan. 31, the same as a year earlier.
Revenue for the quarter totalled $14.05 billion, up from $13.71 billion.
The bank's provision for credit losses amounted to $1.21 billion, up from $1.00 billion in the same quarter last year.
On an adjusted basis, TD says it earned $2.02 per diluted share in its latest quarter, up from an adjusted profit of $2.00 per diluted share a year earlier.
The average analyst estimate had been for an adjusted profit of $1.96 per share, according to LSEG Data & Analytics.
"TD started the year with strong momentum and record revenue across many of our businesses," TD chief executive Raymond Chun said in a statement.
"While expenses remain somewhat elevated, we delivered solid earnings, which positions us well as we begin the new fiscal year."
TD said its Canadian personal and commercial banking business earned $1.83 billion in its latest quarter, up from $1.79 billion a year earlier, while its U.S. retail bank division earned $342 million, down from $870 million a year ago.
The bank's wealth management and insurance business earned $680 million, up from $555 million a year earlier.
TD's wholesale banking division earned $299 million in its latest quarter, up from $205 million.
This report by The Canadian Press was first published Feb. 27, 2025.
Companies in this story: (TSX:TD)
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