TD Bank profit rises 2 percent on trading, U.S. income

reported a 2 percent increase in quarterly earnings, driven by stronger trading-related revenue and higher income from its U.S. retail banking unit.

The bank, Canada's second-largest, said on Thursday that it had earned a net C$1.72 billion ($1.66 billion), or C1.78 a share, in the second quarter ended April 30. That compared with a year-earlier profit of C$1.69 billion, or C$1.78 a share.

Excluding items including a C$58 million amortization charge, earnings were C$1.90 a share. Analysts on average had expected C$1.91, according to Thomson Reuters I/B/E/S.

TD has about 1,100 bank branches in Canada and about 1,300 in the United States, where it has a sizeable presence on the Eastern seaboard. It also owns 45 percent of TD Ameritrade Holding Corp.

Wholesale banking income, which accounts for trading, investment banking and corporate lending, rose 12 percent to C$220 million, due to stronger trading-related revenue and lower expenses, the bank said.

TD's U.S. retail banking network produced income of US$392 million, up 9 percent, on the back of loan and deposit growth.

Income from TD's Canadian retail bank increased 5 percent to C$847 million. Lower loan-loss provisions helped make up for sluggish loan growth as Canada's housing market continued to lose steam.

($1 = 1.0336 Canadian dollars)

(Reporting by Cameron French; Editing by Lisa Von Ahn)

Source: http://news.yahoo.com/td-bank-profit-rises-2-percent-trading-u-114020231.html

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