TD bank announce $793 first-quarter profits

23 February 2007

Toronto Dominion bank (TD) has announced first-quarter profits of $793 million, as share prices in the second-largest Canadian bank hit an all-time high.

The results represent a year-on-year dip after last year's sale of TD Waterhouse USA to online brokerage giant Ameritrade saw the company record profits of $2.3 billion.

However, adjusted net income for the bank shows a rise in profit to $826 million from last year's figure of $719 million, as profit per share rose to $1.18 from 99 cents.

The company's share price exceeded analysts' expectations that it would announce an earnings figure of $1.09 per share.

Commenting on the results in a statement CEO Ed Clark said: "I am extremely pleased with our earnings performance in the first quarter.

"Our commitment to operational and customer service excellence and an emphasis on organic growth across all our businesses, were key factors behind these excellent results," he added

TD's results come after the country's six largest banks last year announced record annual net income of $19 billion.

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