TD Bank Group reports Q3 loss as it takes charge on anti-money laundering probe
By The Canadian Press on August 22, 2024.
TORONTO – TD Bank Group reported a loss of $181 million in its latest quarter as it was hit by a charge related to ongoing U.S. investigations into its anti-money laundering program. The big bank says its loss amounted to 14 cents per diluted share for the quarter ended July 31. The result compared with a profit of $2.88 billion or $1.53 per diluted share a year ago. The third-quarter results included a $3.57-billion provision related to the investigations into the bank’s anti-money laundering program in the U.S. On an adjusted basis, TD says it earned $2.05 per diluted share in its latest quarter compared with an adjusted profit of $1.95 per diluted share in the same quarter last year. Revenue in the quarter totalled $14.18 billion, up from $12.91 billion a year ago. The bank’s provision for credit losses amounted to $1.07 billion, up from $766 million in the same quarter last year. This report by The Canadian Press was first published Aug. 22, 2024. Companies in this story: (TSX:TD) 9-8
