TD Bank Group reports $2.56B Q2 profit, down from $3.31B a year earlier

By The Canadian Press on May 23, 2024.

TORONTO – TD Bank Group reported its second-quarter profit fell compared with a year ago, hit by costs related to an investigation in the United States tied to the failure of its anti-money laundering programs.

The big Canadian bank recorded an initial charge of $615 million in the quarter in connection with its talks with one of its U.S. regulators.

TD has said it anticipates additional penalties as its discussions continue with its regulators in the United States and the U.S. Department of Justice.

The bank says it earned net income of $2.56 billion or $1.35 per diluted share for the quarter ended April 30, down from $3.31 billion or $1.69 per diluted share in the same quarter last year.

Revenue totalled $13.82 billion for the quarter, up from $12.40 billion a year earlier.

On an adjusted basis, TD says it earned $2.04 per diluted share, up from an adjusted profit of $1.91 per diluted share a year earlier.

This report by The Canadian Press was first published May 23, 2024.

Companies in this story: (TSX:TD)

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