TORONTO – TD Bank Group reported a second-quarter profit of $11.1 billion, boosted by the sale of its remaining stake in The Charles Schwab Corp.
The bank said Thursday the profit amounted to $6.27 per diluted share for the quarter ended April 30, up from a profit of $2.6 billion or $1.35 per diluted share a year earlier.
TD recorded an $8.6-billion gain after tax on the sale of its Schwab shares in its latest quarter.
On an adjusted basis, TD says it earned $1.97 per diluted share for its second quarter, down from an adjusted profit of $2.04 per diluted share a year ago.
Analysts on average had expected an adjusted profit of $1.76 per share, according to LSEG Data & Analytics.
Revenue for the quarter totalled $22.9 billion, up from $13.8 billion in the same quarter last year, while TD’s provision for credit losses amounted to $1.3 billion, up from $1.1 billion a year ago.
“TD delivered strong results this quarter, with robust trading and fee income in our markets-driven businesses as well as deposit and loan growth in Canadian personal and commercial banking,” TD Bank Group chief executive Raymond Chun said in a statement.
“We are well positioned as we enter the second half of the year, and we continue to strengthen our bank by investing in the client experience, enhancing our digital capabilities, and simplifying how we operate to achieve greater speed and execution excellence.”
TD said its Canadian personal and commercial banking business earned just under $1.7 billion in its latest quarter, down from just over $1.7 billion in the same quarter last year as it saw higher provisions for credit losses and non-interest expenses, partially offset by higher revenue.
TD’s U.S. retail operations earned $120 million in the second quarter, down from $507 million a year earlier.
The bank’s wealth management and insurance business earned $707 million in its latest quarter, up from $621 million a year ago.
TD’s wholesale banking division earned $419 million, up from $361 million in the same quarter last year.
This report by The Canadian Press was first published May 22, 2025.
Companies in this story: (TSX:TD)
