TORONTO – TD Bank Group reported a fourth-quarter profit of $3.64 billion, up from $2.87 billion in the same quarter last year, boosted by the sale of part of its stake in the Charles Schwab Corp.
The bank says its profit amounted to $1.97 per diluted share for the quarter ended Oct. 31, up from $1.48 per diluted share a year earlier.
TD said it sold 40.5 million Schwab shares in August when it also announced it would take a provision related to U.S. investigations into its anti-money laundering program. The bank agreed in October to pay fines totalling more than $4.23 billion after pleading guilty to multiple charges related to its failings.
On an adjusted basis, TD says it earned $1.72 per diluted share in its latest quarter, down from an adjusted profit of $1.82 per diluted share a year earlier.
Analysts on average had expected an adjusted profit of $1.82 per share, , according to data provided by LSEG Data & Analytics.
Revenue for the quarter totalled $15.51 billion, up from $13.18 billion in the same quarter last year, while TD’s provision for credit losses for the quarter totalled $1.11 billion, up from $878 million in its fourth quarter last year.
This report by The Canadian Press was first published Dec. 5, 2024.
Companies in this story: (TSX:TD)
