TD Bank Group reports $1.58B first-quarter profit, down from year ago
By The Canadian Press on March 2, 2023.
TORONTO – TD Bank Group reported a first-quarter profit of $1.58 billion, down from $3.73 billion a year earlier, as it took a number of one-time charges including the cost to settle a lawsuit related to the Stanford Financial Group Ponzi scheme. The bank says the profit amounted to 82 cents per diluted share for the quarter ended Jan. 31, down from $2.02 per diluted share in the same quarter last year. Revenue totalled $12.23 billion, up from $11.28 billion a year earlier. Provisions for credit losses amounted to $690 million, up from $72 million a year earlier. On an adjusted basis, TD says it earned $2.23 per diluted share, up from an adjusted profit of $2.08 per diluted share in its first quarter last year. Analysts on average had expected a profit of $2.20 per share, according to estimates compiled by financial markets data firm Refinitiv. This report by The Canadian Press was first published March 2, 2023. Companies in this story: (TSX:TD) 9-8
