TD Bank Group reports Q2 results
ABJ - May 31 - TD Bank Group has announced its financial results for the second quarter ended April 30, 2012. Results for the quarter reflected record North American retail earnings and a solid performance from Wholesale Banking.
"TD's adjusted quarterly earnings were up 14 per cent over the same period last year, with our North American retail businesses driving that growth, with a new record in adjusted earnings," said Ed Clark, Group President and CEO, TD Bank Group. "While we expect the second half of 2012 to remain challenging due to slowing loan growth, persistent low rates and regulatory headwinds, we're still working to deliver adjusted EPS growth in the seven to 10 per cent range this year."
Canadian Personal and Commercial Banking posted a very good quarter, with reported net income of $808 million. Adjusted net income was $838 million, up 14 per cent from the same period last year. Results for the quarter were driven by good core volume growth, favourable credit performance and the contribution from MBNA.
"The ongoing low interest rate environment continues to present a challenge, as does slowing personal loan growth, but we will earn through it by focusing on delivering legendary service and convenience, managing expense growth prudently and identifying opportunities to invest in and grow businesses," said Tim Hockey, Group Head, Canadian Banking, Auto Finance, and Credit Cards.
Wealth and Insurance delivered net income of $365 million in the quarter, up 16 per cent from the same period last year. This was driven by strong premium growth and claims performance in the Insurance business, improved results in TD's Wealth business despite difficult markets, partially offset by lower earnings from TD Ameritrade due to decreased trading levels.
"This was a record quarter for both our Wealth and Insurance businesses, despite market volatility and lower trading volumes," said Mike Pedersen, Group Head, Wealth Management, Insurance, and Corporate Shared Services.