TD Bank posts $4.25B profit, raises dividend
The bank's adjusted earnings per share beat analyst expectations as its quarterly dividend increases to $1.12.
TD Bank Group raised its quarterly dividend and reported a second-quarter profit of $4.25 billion, beating analyst expectations on adjusted earnings.
The bank announced it will now pay a quarterly dividend of $1.12 per share, up from $1.08 per share. On an adjusted basis, TD earned $2.38 per diluted share in the quarter ended April 30, exceeding the average analyst expectation of $2.26 per share.
Quarterly revenue totaled $15.80 billion, down from $22.94 billion a year ago, when the bank recorded a gain from selling its shares in Charles Schwab Corp. The provision for credit losses came in at $1.00 billion compared with $1.34 billion in the prior-year quarter.
The stronger-than-expected adjusted earnings suggest TD's core operations are holding steady despite economic headwinds. The dividend increase signals management confidence in the bank's financial position as it navigates a volatile lending environment.