TD Q1 earnings up 2.4% but miss expectations amid loyalty program charge
Posted February 28, 2019 6:55 am.
This article is more than 5 years old.
Toronto-Dominion Bank increased its dividend as it reported a 2.4 per cent uptick in first-quarter profits to $2.41 billion.
TD Bank increased its quarterly payment to common shareholders by seven cents to 74 cents.
The bank’s profit for its first quarter amounted to $1.27 per diluted share, up from $1.24 for the quarter ended Jan. 31 last year.
The lender said the quarter included a $607-million charge related to the long-term loyalty agreement with Air Canada, which had an impact of 24 cents per share.
On an adjusted basis, TD earned $2.95 billion, relatively flat compared with the same period a year earlier.
That amounted to $1.57 in adjusted earnings per diluted share, up from $1.56 a year earlier, but below the $1.72 expected by analysts surveyed by Thomson Reuters Eikon.
“TD’s retail segments in both Canada and the U.S. had a strong start to the year, with continued revenue growth and solid earnings,” chief executive Bharat Masrani said in a statement.
“However, market volatility and lower client activity impacted our Wholesale segment in the quarter.”
Companies in this story: (TSX:TD)
Companies in this story: (TSX:TD)
The Canadian Press
