Topic: How To Invest

The Successful Investor Hotline – Friday, September 1, 2017

Article Excerpt

TORONTO-DOMINION BANK, $67.50, Toronto symbol TD, rose 4% this week after the bank reported higher-than-expected earnings thanks to strong gains at its Canadian and U.S. retail banking operations. In its fiscal 2017 third quarter, ended July 31, 2017, TD earned $2.9 billion. That’s up 18.6% from $2.4 billion a year earlier. Due to fewer shares outstanding, per-share earnings rose at a faster pace of 18.9%, to $1.51 from $1.27. The gain easily beat the consensus estimate of $1.36. Earnings from Canadian banking operations (59% of the total) improved 14.3%. The bank benefitted from higher mortgage loan demand, lower insurance claims and growth at its wealth management operations. Earnings from U.S. banking (31%) also rose 14.3% thanks to stronger consumer and business demand for new loans and higher interest rates. However, earnings from wholesale banking (10%) fell 3.0%. That’s mainly because TD is spending more to expand its brokerage operations. Overall revenue in the quarter rose 6.7%, to $9.3 billion from $8.7 billion. TD also…