TD Bank Group reports $2.25-billion Q3 profit, tops expectations

TORONTO — TD Bank Group reported its third-quarter profit fell 30 per cent compared with a year ago, but it still topped analysts’ expectations.

The bank says it earned $2.25 billion or $1.21 per diluted share for the quarter ended July 31, down from a profit of $3.25 billion or $1.74 per diluted share a year ago.

Revenue totalled $10.67 billion, up from $10.5 billion.

Provisions for credit losses were $2.19 billion, up from $655 million a year ago, but down from $3.22 billion in the second quarter.

On an adjusted basis, TD says it earned $1.25 per diluted share for the quarter, down from $1.79 per diluted share a year ago.

Analysts on average had expected an adjusted profit of $1.18 per share, according to financial markets data firm Refinitiv.

This report by The Canadian Press was first published Aug. 27, 2020.

Companies in this story: (TSX:TD)

The Canadian Press