TD Bank misses expectations as profit falls and credit loss provisions climb
Toronto-Dominion Bank saw net income fall to $2.96 billion in the third quarter, as it posted higher credit losses and weaker earnings in its U.S. retail segment.
On an adjusted basis, the bank earned $3.7 billion, down two per cent from the same period last year, or $1.99 per diluted share. That figure was down from $2.09 per diluted share last year and missed analyst expectations of $2.03 per share.
Provisions for credit losses in the period ended July 31 checked in at $766 million, a jump from $351 million the year prior.
The bank also incurred a $306 million payment related to the termination of its proposed First Horizon transaction.
TD announced its intention to repurchase up to 4.9 per cent of its outstanding shares, tripling the amount of its previous buyback program.
Barclays analyst John Aiken said the buyback will likely offset any disappointment among shareholders in the quarterly results.
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