TD Bank Financial Group, which has branches in Connecticut, said today that tough economic conditions took a toll on some of its businesses, leading to a decline in profits in the fiscal third-quarter.
The Toronto-based banking company said it earned 912 million Canadian dollars ($834 million) or CN$1.01 (92 cents) per share for the quarter ended July 31, down from year-earlier profits of CN$997 million ($912 million) or CN$1.21 ($1.10) per share.
But stripping out one-time items, TD said its adjusted earnings improved to CN$1.3 billion ($1.18) or CM$1.47 ($1.34) per share compared with CN$1.1 billion ($1 billion) or CN$1.35 ($1.23) per share reported a year ago.
TD Chief Executive Ed Clark said the results exceeded his expectations.
“While we expected TD’s businesses to hold up well under the weight of a global recession, their resilience is remarkable and has exceeded our expectations,” Clark said in a statement.
Total quarterly revenue rose to CN$4.66 billion ($4.26 billion) from CN$4.32 billion ($3.95 billion).
TD also said its quarterly dividend will remain fixed at 61 Canadian cents (36 U.S. cents) per share.
Canada’s second largest bank acquired New Jersey-based Commerce Bancorp in 2008. (AP)
