TD Bank Group (TSX: TD) reported its Q3 2025 results, posting earnings of $3.34 billion, a swing from a $181 million loss. This translates to $1.89 earnings per share, up from a $0.14 loss per share.
The swing was driven by an 8% increase in revenue to $15.30 billion from $14.18 billion last year. Net interest income grew 13% to $8.53 billion while non-interest income rose to $6.77 billion.
Further, provisions for credit losses also decreased 9% to $971 million, and insurance service expenses fell 6% to $1.56 billion. While non-interest expenses dropped 23% to $8.52 billion, adjusted non-interest expenses climbed 13% to $8.12 billion given last year’s US BSA/AML charges.
On an adjusted basis, earnings rose 6% to $3.87 billion from $3.65 billion last year, yielding an adjusted EPS of $2.20, up 7% year-over-year.
Canadian Personal & Commercial Banking posted record revenue of $5.24 billion, up 5%, and record net income of $1.95 billion, up 4%.
US Retail showed cleaner but costlier momentum. Reported net income for the segment improved to $760 million from a loss last year. On an adjusted basis, net income actually fell 18% to $956 million as governance and US BSA/AML remediation spending increased.
Wealth Management & Insurance delivered net income of $703 million, up 63% on record assets, stronger premiums and fees, and lower catastrophe losses. Segment revenue rose 10% to $3.67 billion, with AUA increasing 12% to $709 billion and AUM rising 9% to $572 billion.
Wholesale Banking earned $398 million, up 26%, on 15% higher revenue to $2.06 billion, led by Global Markets and CIB.
CET1 was 14.8%, up from 12.8% a year ago. Adjusted ROE was 13.2% versus 14.1% a year ago, while the adjusted efficiency ratio was 57.8% versus 57.3%.
The bank declared a quarterly dividend of $1.05 per common share, unchanged from Q2 2025.
TD guides to relatively stable Canada P&C margin in Q4 and a moderate US margin expansion. The US asset-reduction plan is targeted to be largely complete by fiscal-year end 2025, targeting $100 million of FY 2025 savings and $550–$650 million annualized thereafter.
TD last traded at $105.01 on the TSX.
Information for this briefing was found via the sources and the companies 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.
