By Kimberly Chin 

Toronto-Dominion Bank Group's quarterly profit rose more than 4% from a year earlier, driven largely by higher loan and deposit volumes in its U.S. retail operations.

Profit at the bank's U.S. retail segment rose 13% to C$1.29 billion ($968.7 million) from a year ago.

The U.S. division includes bank and lender TD Bank and its stake in TD Ameritrade Holdings Corp. TD Ameritrade contributed C$294 million to earnings in the fiscal third quarter, the Canadian bank said Thursday.

Meanwhile, its Canadian retail segment reported a 2% increase in profit in the quarter ended July 31, compared with a year earlier.

Overall, the bank reported a net income of C$3.25 billion, or C$1.74 a share, up from C$3.11 billion, or C$1.65 a share, a year earlier. Analysts polled by FactSet were expecting C$1.77 a share.

Earnings on an adjusted basis were C$1.79 a share, below analysts' estimates by one cent.

Net interest income was C$6.02 billion, up from C$5.66 billion in the comparable quarter a year ago. Noninterest income was C$4.48 billion, a 5.4% increase from last year.

Total revenue at the bank rose 6.1% to C$10.5 billion. Analysts were looking for C$10.05 billion.

Noninterest expenses increased 4.7%.

Write to Kimberly Chin at kimberly.chin@wsj.com

 

(END) Dow Jones Newswires

August 29, 2019 08:12 ET (12:12 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.
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