Topic: How To Invest

The Successful Investor Hotline – Friday, May 26, 2017

Article Excerpt

TORONTO-DOMINION BANK, $64.25, Toronto symbol TD, earned $2.6 billion in its fiscal 2017 second quarter, ended April 30, 2017. That’s a 12.2% rise over $2.3 billion a year earlier. Due to more shares outstanding, per-share earnings rose at a slower pace of 11.7%, to $1.34 from $1.20. The gain beat the consensus estimate of $1.25. Earnings from Canadian banking operations (64% of the total) improved 7.2%. 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 (26%) jumped 18.4% thanks to stronger consumer and business demand for new loans. Earnings from wholesale banking (10%) gained 13.2% on higher securities-trading volumes and lower loan-loss provisions. Overall revenue in the quarter rose 2.6%, to $8.5 billion from $8.3 billion. TD also set aside $500 million to cover potential loan losses, down 14.4% from $584 million. That drop is mainly because the year-earlier quarter contained extra provisions on loans to clients in…