TORONTO – TD Bank Group is planning to grow its presence in the United States as it moves forward with measures to combat money laundering risks in response to penalties issued by U.S. regulators.
The bank announced Thursday it would open 100 new branches south of the border by the end of 2028, subject to regulatory approvals, and is working to “identify additional opportunities” for expansion through 2030.
Leo Salom, president and CEO of TD Bank U.S., said customers will be able to visit some of those new locations next year, but the “bulk” of them are planned for 2028.
“This is an exciting move forward and it reflects the fact that we’ve made significant investments, and we’re now in a position to be able to invest back into our respective communities,” he told analysts on a conference call, as TD reported its third-quarter earnings.
The results for the bank’s most recent quarter included a profit of $4.62 billion, up from $3.34 billion in the same quarter last year, helped by record earnings in its Canadian businesses and wholesale banking.
The profit amounted to $2.74 per diluted share for the quarter ended July 31, up from $1.89 per diluted share a year earlier. On an adjusted basis, TD earned $2.77 per diluted share in its latest quarter, up from an adjusted profit of $2.20 per diluted share in the same quarter last year.
Revenue for the quarter totalled $16.89 billion, up from $15.30 billion a year earlier.
The results beat forecasts from analysts, who on average had expected a profit of $2.47 per share and $15.28 billion in revenue, according to LSEG Data & Analytics.
TD was fined more than US$3 billion by U.S. regulators in 2024 after pleading guilty to multiple charges related to failures in its anti-money laundering program. The U.S. expansion plans come as it continues work to improve its anti-money laundering efforts, a process which is subject to formal oversight.
The bank expects to spend approximately US$550 million this year on those remediation efforts including work to strengthen the effectiveness of its financial crimes risk management capabilities, with more frequent transaction monitoring coverage assessments taking place.
Salom said TD has also improved its anti-trafficking and fraud detection capabilities through its investigative partnerships, which help it respond to evolving financial crime threats.
“We have made significant progress on that program. I’d say today, the degree of maturity and effectiveness of that program is much stronger,” he said.
“As a result, and discussions with our regulators, etc., I feel quite comfortable to be able to announce today that we’ll be opening up those 100 stores.”
TD said Thursday its U.S. banking arm earned $1.07 billion in its latest quarter, up from $760 million in the same quarter last year.
Its Canadian personal and commercial banking business delivered record revenue, earnings, deposit and loan volumes as it earned $2.10 billion in its third-quarter, up from $1.95 billion a year ago.
The bank’s wealth management and insurance business earned $841 million in the quarter, up from $703 million a year ago, while its wholesale banking business earned $743 million in the third quarter, up from $398 million a year ago.
Scotiabank analyst Mike Rizvanovic called it “a very strong quarter for TD,” with its earnings beat being broad-based across operating segments.
“Among the numerous favourable drivers in the quarter were strong revenue growth, lower expenses than we had anticipated, lower loan loss provisions with other credit metrics also showing sequential improvement, and (net interest margin) expansion in both the Canadian and U.S. lending segments,” he said in a note.
TD’s provision for credit losses amounted to $917 million, down from $971 million in the same quarter last year.
TD chief executive Raymond Chun said the bank remains well-positioned despite tariff-related developments over the past week that “have added significant uncertainty to the Canada-U.S. trade relationship.”
“Our economies are interconnected, and we are hopeful the two countries will ultimately find common ground,” he said.
“We will continue to be there for our clients in Canada, the U.S. and globally to support their growth as we navigate this uncertain environment.”
This report by The Canadian Press was first published Aug. 27, 2026.
Companies in this story: (TSX:TD)
