TD Bank reports its second-quarter results on Thursday. A person walks past a TD Bank sign in the financial district in Toronto on Tuesday, Sept. 20, 2022. THE CANADIAN PRESS/Alex Lupul
TORONTO – TD Bank Group reported a second-quarter profit of $3.35 billion, down from $3.81 billion in the same quarter last year as it set aside more money for bad loans.
The bank says the profit amounted to $1.72 per diluted share for the quarter ended April 30, down from a profit of $2.07 per diluted share a year earlier.
Revenue totalled $12.37 billion, up from $11.26 billion in its second quarter last year.
TD says its provisions for credit losses amounted to $599 million, up from $27 million a year ago.
On an adjusted basis, TD says it earned $1.94 per diluted share in its latest quarter, down from an adjusted profit of $2.02 per diluted share in the same quarter last year.
Analysts on average had expected an adjusted profit of $2.07 per share, according to estimates compiled by financial markets data firm Refinitiv.
This report by The Canadian Press was first published May 25, 2023.
Companies in this story: (TSX:TD)
