Topic: How To Invest

The Successful Investor Hotline – Friday, March 03, 2017

Article Excerpt

TORONTO-DOMINION BANK, $69.62, Toronto symbol TD, earned $2.6 billion in its fiscal 2017 first quarter, ended January 31, 2017. That’s a 13.8% rise over $2.2 billion a year earlier. Due to more shares outstanding, per-share earnings rose 12.7%, to $1.33 from $1.18. The gain beat the consensus estimate of $1.27. Earnings from Canadian banking operations (60% of the total) rose 3.5%. The bank benefitted from higher loan demand, lower insurance claims, higher fee-based income and growth at its wealth management operations. Earnings from U.S. banking (30%) gained 6.5% thanks to stronger loan demand. Earnings from wholesale banking (10%) jumped 65.8% on higher securities-trading volumes and lower loan-loss provisions. Overall revenue in the quarter rose 5.9%, to $9.1 billion from $8.6 billion. TD also set aside $633 million to cover potential loan losses, down 1.4% from $642 million. Thanks to the strong results, the bank will raise its quarterly dividend. Starting with the May 2017 payment, investors will receive $0.60 a share, up 9.1% from…