Toronto Dominion Bank shares moved higher in U.S. pre-market trading after the lender reported increased adjusted earnings and revenue for its fiscal third quarter, supported by growth across its Canadian, U.S., wealth management and wholesale banking operations. Adjusted diluted earnings per share rose to C$2.77 from C$2.20 in the same period last year, while adjusted net income increased to C$4.67 billion from C$3.87 billion. Total revenue advanced to C$16.92 billion, compared with C$16.03 billion a year earlier. TD shares were up 1.4% in U.S. pre-market trading as of 06:49 ET (10:49 GMT). The bank also reported an improvement in several measures of profitability and credit performance, with provision for credit losses decreasing to C$917 million from C$1 billion in the prior-year period. Adjusted return on equity increased to 16% from 14.4%, while adjusted return on tangible common equity improved to 19.1% from 17.2%. Canadian Personal and Commercial Banking generated net income of C$2.10 billion, up 7% from a year earlier, while U.S. Banking adjusted net income increased 12% to C$1.07 billion. Wealth Management and Insurance delivered net income of C$841 million, up 20%, and Wholesale Banking adjusted net income jumped 76% to C$743 million.
Toronto Dominion BankTD Bank reported increased adjusted earnings and revenue for Q3, with EPS up to C$2.77 from C$2.20, and improved profitability metrics.
