Saturday, May 31, 2025

Latest

TD Bank Sees 8% Decline In Q3 2023 Net Income

In the third quarter of 2023, TD Bank Group (TSX: TD) witnessed a decline in earnings compared to the previous year. The reported earnings saw an 8% decrease from the same period in the previous year, while adjusted earnings slipped by 2%.

“TD delivered strong revenue growth in the quarter and demonstrated the value of its diversified business mix in a challenging economic environment,” said Bharat Masrani, Group President and Chief Executive Officer, TD Bank Group.

Adjusted total revenue came in at $13.0 billion, up from last year’s $11.6 billion. However, TD Bank also disclosed that reported earnings fell to $3 billion from last year’s $3.2 billion, and concurrently, adjusted earnings amounted to $3.7 billion from last year’s $3.8 billion.

There was a notable decrease in reported diluting earnings per share (EPS), falling from $1.75 to $1.57. Similarly, the adjusted EPS stood at $1.99, down from the previous year’s $2.09 in Q3 2022 and below the estimate of $2.04.

Across the spectrum of personal and commercial banking, TD Bank experienced a 1% decline in net income in comparison to the corresponding period of the prior year. This dip in net income was attributed to increased provisions for credit losses, which saw a jump to $766 million from $351 million.

In TD Bank’s US retail division, reported net income suffered a 9% decline year-over-year. This dip in income was primarily driven by the widely publicized collapse of the First Horizon Corporation merger. The collapse led to acquisition and integration-related expenses amounting to $84 million.

Notably, TD Bank observed significant growth in personal loans within its US retail division, with a notable increase of 11%. Simultaneously, business loan growth exhibited a commendable rise of 9%.

Within the wealth management and insurance division, the net income experienced a decline of 12% when compared to the same quarter of the previous year. TD Bank attributed this decrease to various factors, including the impact of severe weather-related events and reduced transaction revenue within the sector.

In connection with the release of its third quarter results, the company indicated that it intends to repurchase up to 90 million shares under a new buyback program. The program is slated to begin one the current program, for the repurchase of 30 million shares, is complete.

TD last traded at $83.36 on the TSX.


Information for this briefing was found via Sedar and the sources mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

Leave a Reply

Video Articles

How To Profit From $3300 Gold? An Inside Look At A Massive 300,000 Oz Project | Martino De Ciccio

We’re At The Start of a Great Silver Boom | Ross McElroy & Andy Bowering – Apollo Silver Corp

Equinox Gold Q1 Earnings: When Everything Goes Wrong

Recommended

ESGold Begins Concentration Tests Ahead Of First Production

Sterling Metals Hits 0.21% Copper Over 482.8 Metres In First Drilling At Soo Copper project

Related News

TD Bank Agrees to Pay $1.2B to Settle Allen Stanford Ponzi Scheme Lawsuit

Toronto-Dominion Bank (TSX: TD), along with two other banks, agreed to settle a lawsuit stemming...

Monday, February 27, 2023, 03:04:00 PM

TD Bank: Jefferies Analyst Suggests Fines Could Exceed $2.0 Billion In Money Laundering Probe

TD Bank Group (TSX: TD), Canada’s second largest bank and the sixth largest in North...

Tuesday, May 7, 2024, 03:49:40 PM

TD Bank Sees 57% Decline In Q4 2023 Net Income, Raises Dividend To 6.3%

In the fourth quarter of 2023, TD Bank Group (TSX: TD) witnessed a decline in earnings compared...

Thursday, November 30, 2023, 07:57:08 AM

TD Enters E-commerce Arena, Aims to Compete with Shopify

Toronto-Dominion Bank (TSE: TD) has entered the e-commerce arena with a new platform designed for...

Monday, September 16, 2024, 03:35:00 PM

First Horizon Cratered After TD Ends $13.4-Billion Merger Talks

The merger deal between TD Bank Group (TSX: TD) and First Horizon Corporation (NYSE: FHN)...

Friday, May 5, 2023, 07:29:00 AM