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(Bloomberg) — Toronto-Dominion Bank beat estimates after setting aside less money than expected for souring loans, despite concerns that US tariffs will hamper economic growth.
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Canada’s second-largest lender earned C$1.97 per share on an adjusted basis in its fiscal second quarter, it said in a statement Thursday, topping the C$1.78 average analyst estimate. Provisions for credit losses totaled C$1.34 billion ($966 billion) for the three months through April, less than the C$1.41 billion analysts had forecast.
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Toronto-Dominion is the first of its large rivals to report earnings since US tariffs on a range of Canadian imports kicked in, raising the specter of slowing growth and job losses. That’s focused attention on the credit quality of businesses and consumers — and on the money lenders are setting aside in case they start to default on their debt.
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“TD delivered strong results this quarter, with robust trading and fee income in our markets-driven businesses as well as deposit and loan growth in Canadian personal and commercial Banking,” Chief Executive Officer Raymond Chun said in a statement.
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The bank’s wealth-management and insurance division as well as its capital-markets business also saw revenue growth in the quarter, TD said.
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Chun is leading a strategic review of the bank after it agreed to pay almost $3.1 billion to settle with US authorities last year over anti-money-laundering failures. The firm is also constrained from growing its American retail assets and has said it will direct new capital spending to its domestic banking and capital-markets operations.
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Still, Toronto-Dominion has ample capital — it raised $13.9 billion after selling its 10.1% stake in Charles Schwab Corp. earlier this year — and plans to buy back up to C$8 billion worth of its shares. Its stock has steadily climbed after settling the US money-laundering probes and its shares are up about about 18% year-to-date.
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