Third quarter profit surge for TD Bank

August 2007

Toronto-Dominion Bank (TD Bank) recorded an increase of 38.6 per cent profit in the third quarter and increased dividends by 7.5 per cent, it was announced yesterday.

The figures exceed market expectations, with double-digit earnings growth in all of its North American business lines.

TD Bank said that net income in the three months ending in July 31st 2007 was $1.05 billion, up from last year's figure of $756 million.
Changed to exclude the amortization of intangibles and a gain on the changing value of credit default swaps, TD Banks' share price increased from $1.15 a share to $1.5 a share.

Equity return was at 21 per cent, compared with 16.8 per cent from the previous year.

In the bank's Canadian personal and commercial banking business, earnings jumped 14 per cent to $566 million on record revenue and efficiency.
Wealth management, including the bank's 40 per cent stake in TD Ameritrade Holding Corp saw earnings rise to $175 million, a climb of 22 per cent..
TD Bank is Canada's third largest bank.

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