TD Bank Group reported its third-quarter profit fell compared with a year ago as its provisions for credit losses rose. A person makes their way past a Toronto-Dominion Bank in the Financial District of Toronto, Monday, Aug. 14, 2023. THE CANADIAN PRESS/Spencer Colby
TORONTO – TD Bank Group reported its third-quarter profit fell compared with a year ago as its provisions for credit losses rose.
The bank says its net income totalled $2.96 billion or $1.57 per diluted share for the quarter ended July 31, down from $3.21 billion or $1.75 per diluted share a year earlier.
Revenue totalled $12.78 billion, up from $10.93 billion in the same quarter last year.
Provisions for credit losses amounted to $766 million, up from $351 million a year earlier.
On an adjusted basis, TD says it earned $1.99 per diluted share in its latest quarter, down from $2.09 per diluted share in the same quarter last year.
The average analyst estimate had been for a profit of $2.04 per diluted share, based on estimates compiled by financial markets data firm Refinitiv.
This report by The Canadian Press was first published Aug. 24, 2023.
Companies in this story: (TSX:TD)
