TD 90 Day PROFITS at $1,300,000,000.00 ($1.3 Billion.....in 90 days!)
Toronto, Ontario, Canada (AHN) - The Toronto-Dominion Bank reported on Thursday a profit of $1.3 billion for the first quarter ending Jan. 31.
TD Bank is the fourth major Canadian bank to report record-high profit for Q1, even while the country's economy is recovering.
Similar higher-that-expected earnings and profits were reported by the Bank of Montreal, Royal Bank of Canada, and the Canadian Imperial Bank of Commerce this week and last week.
TD Bank reported a Q1 net income of $1.3 billion, up from $653 million for same quarter in fiscal 2009. With that income level, the bank reported diluted earnings per share to $1.44 from 75 cents last year.
The bank attributed its strong Q1 performance to good earnings from its retail business and wholesale banking in Canada and solid performance from its U.S. banking operations.
TD Bank President and Chief Executive Officer Ed Clark said in a statement, "The record performance at TDCT shows that this incredibly resilient franchise is thriving despite the headwinds that continue to linger in the economy. Provision for credit losses was stable when compared to the prior quarter. Business banking provisions remained low and we are seeing signs that losses may be close to peaking in personal banking,"
Clark added, "Along with TDCT's excellent financial results, our customer satisfaction measures also hit a record in the quarter, illustrating our ongoing commitment to delivering the best possible customer experience."
Read more: http://www.allheadlinenews.com/articles/7018009666#ixzz0hJHLtxA9
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