TD’s earnings fell 58% on an adjusted basis

(Toronto) TD Bank Group recorded a significant decline of 58% in one year of its net income, which decreased in the first quarter of this year to 1.58 billion compared to 3.73 billion in the corresponding quarter of fiscal 2022.

The decline was $2.02 to $0.82 per diluted share.

However, the Toronto-based firm notes that adjusted net income rose 8% over the same period. It rose from $3.83 billion to $4.155 billion, while adjusted earnings per share decreased from $2.08 to $2.23.

On a quarterly basis, Canadian personal and business banking grew 7% to $1.73 billion. As for the US retail services sector, the net result was C$1.59 billion, up 25%.

On the other hand, corporate banking services amounted to 331 million, down 24%, while wealth management and insurance declined by 14%, to 550 million.

Bharat Masrani, President and CEO of TD Bank Group, said the institution entered 2023 strong thanks to strong revenue growth and record retail results in Canada and the United States. This, in his opinion, is an advantage derived from the diversification of activities.

In addition, TD Bank Group declares a dividend of $0.96 per fully paid common share of the bank’s share capital for the quarter ended April 30, 2023. These dividends will be payable as of the same date.

Company quoted in this post: TD Bank Group (TSX: TD)

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