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. TD Bank signage is pictured in the financial district in Toronto, Friday, Sept. 8, 2023. THE CANADIAN PRESS/Andrew Lahodynskyj
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 said Thursday 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.
“TD delivered record revenue and net income in Canadian personal and commercial banking, continued operating momentum in the U.S., and strong results across our markets-driven businesses,” TD chief executive Bharat Masrani said in a statement.
“We continued to invest in new and innovative capabilities and expanded our product offerings to better serve our customers and clients.”
TD said its Canadian personal and commercial banking business earned $1.87 billion in its latest quarter, up from $1.66 billion in the same quarter last year.
Meanwhile, its U.S. retail business posted a loss of $2.28 billion for the quarter compared with a profit of $1.31 billion a year ago.
TD’s wealth management and insurance earned $430 million in the quarter, down from $431 million in the same quarter last year, while its wholesale banking operations reported a profit of $317 million, up from $272 million last year.
The bank’s corporate segment reported a loss of $525 million in the quarter compared with a loss of $782 million a year ago.
On Wednesday, the bank also announced the sale of 40.5 million shares of Charles Schwab Corp., worth about US$2.6 billion based on a closing price of US$64.57. That reduces the bank’s ownership in the company to 10.1 per cent from 12.3 per cent.
This report by The Canadian Press was first published Aug. 22, 2024.
Companies in this story: (TSX:TD)
