(Toronto) TD Bank posted second-quarter profit of $3.35 billion on Thursday, down from $3.81 billion in the same quarter last year, as it set aside more money for his bad debts.
TD’s earnings per share were $1.72 for the quarter ended April 30, compared to the prior second quarter of $2.07.
Revenues totaled 12.37 billion, up from 11.26 billion last year.
Provisions for credit losses were $599 million, down from just $27 million a year ago.
On an adjusted basis, TD’s profit was $1.94 per share in the most recent quarter, down from adjusted earnings of $2.02 per share in the same quarter last year.
Analysts on average had expected adjusted earnings of $2.07 per share, according to forecasts compiled by financial markets data firm Refinitiv.
TD canceled its US$13.4 billion deal to acquire US bank First Horizon earlier in May, citing regulatory uncertainty surrounding the takeover.
In its quarterly report on Thursday, TD said that in light of the decision and the deteriorating macro environment, the bank did not expect to meet its target range for adjusted earnings per share growth in the medium term, which targeted between 7% and 10%.
“As we enter the second half of 2023, TD’s businesses are strong and our customer relationships continue to deepen,” TD CEO Bharat Masrani said in a statement.
“We operate successfully despite an unpredictable operating environment, supported by strong capital and liquidity and the best bankers in the industry. »
Canadian retail and business banking posted a profit of $1.63 billion in the second quarter, up from $1.57 billion a year ago, while its U.S. retail business earned $1.41 billion. billion, compared to 1.37 billion in the same quarter last year.
Meanwhile, TD’s wealth management and insurance business brought in $563 million, down from $668 million a year ago.
TD’s wholesale banking division earned $150 million, down from a profit of $359 million in the same quarter last year.
Company in this story: (TSX: TD)
