Boston, MA 08/28/2014 (wallstreetpr) – Canadian banking has been going through a golden time for last few days. The main reason behind it is the excellent performance of the banking industry. Reports claim that retail banking has been able to generate significant profits over the past few days. The latest name in this list is of Toronto-Dominion Bank (USA) (NYSE:TD). It has managed to book profit figure of more than $2 billion for the third consecutive quarter. Not only the profit that has surged during this time, but also net income has gone beyond $107 million level.
Other financial figures:
When it comes to adjusted earnings, Toronto-Dominion Bank (USA) (NYSE:TD) managed to post $1.15 per share in the 3Q 2014 which beat the consensus estimate by six cents. Market experts expected a decent rise in revenues, but not expected to touch it $7.5 billion figure.
Driving Force Behind Good Performance:
The excellent growth in 3Q 2014 was supported by continued favorable credit conditions, recent acquisitions and takeovers and lastly excellent organic growth. According to Ed Clark, President and CEO of Toronto-Dominion Bank (USA) (NYSE:TD), “We are extremely happy to announce these results. It is a result of continuous focus, hard work and devotion. We hope to maintain a good work in the future as well.” It is the last quarter when Clark has led the bank. He will retire on November 1, 2014 and will be replaced by Bharat Masrani, who leads the U.S. commercial and personal banking division as of now.”
The Canadian retail division of Toronto-Dominion Bank (USA) (NYSE:TD) performed extremely well, and adjusted profits in the most recent quarter increased by 54% in comparison to the same period of 2013. The two things that played a major role in this excellent growth rate are as follows-
• Excellent growth in the insurance sector
• Addition of Aeroplane credit card accounts from CIBC in the retail segment of the bank.
The overall profits of retail banking segment rose by 46% on YOY basis. The management expects to continue the same good work in coming quarters as well.
