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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Canadian Imperial Bank of Commerce | NYSE:CM | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.57 | 1.20% | 47.88 | 48.06 | 47.55 | 47.87 | 834,741 | 22:30:00 |
By Rita Trichur
Toronto-Dominion Bank on Thursday posted an 8% increase in its fiscal fourth-quarter earnings, largely on improved results from its Canadian retail and wholesale banking divisions, but the bank missed analyst expectations and warned of more challenging operating conditions in 2015.
TD, Canada's biggest bank by assets, earned 1.75 billion Canadian dollars ($1.54 billion), or 91 Canadian cents a share for the three months ended Oct. 31, up from C$1.62 billion, or 84 Canadian cents a share, a year earlier.
Earnings for the quarter were affected by items, including the amortization of intangibles, that amounted to C$62 million, and C$54 million of integration charges for TD's acquisition of MBNA Canada's credit-card portfolio.
Adjusted to strip out extraordinary items, earnings rose 3% to C$1.86 billion, or 98 Canadian cents a share. Analysts polled by Thomson Reuters were expecting a profit of C$1.05 a share.
"We are pleased to finish out the year with strong total adjusted earnings," said newly-minted Chief Executive Bharat Masrani, who replaced Ed Clark, TD's former CEO, in the top job on Nov. 1.
"As we look ahead to 2015, we expect the operating environment to be more challenging. We will focus on organic growth, delivering legendary experiences across every channel, and increasing productivity while investing for the future," Mr. Masrani said.
Adjusted earnings from the bank's Canadian retail division rose 7% in the quarter. Loan and deposit growth, along with higher wealth assets under management, partly offset higher expenses in the division. TD's U.S. retail unit, meanwhile, recorded flat earnings on an adjusted basis, even as expenses fell.
Looking ahead, the bank warned that it is expecting "moderated earnings growth" in fiscal 2015 due to a "more challenging operating environment" for its mainstay domestic retail bank. Similarly, the U.S. retail unit will likely only experience "modest earnings growth" in 2015, TD said.
The bank, which posted a 31% increase in wholesale net earnings, left its quarterly dividend unchanged at 47 Canadian cents.
Earlier Thursday, smaller rival Canadian Imperial Bank of Commerce, this country's No. 5 lender, reported a fourth-quarter profit that slipped nearly 2%, falling just shy expectations.
CIBC and TD are the third and fourth banks to report fourth-quarter earnings. Bank of Nova Scotia, which is Canada's third-largest lender, will wrap up earnings season for the "Big Five" lenders on Friday.
Write to Rita Trichur at rita.trichur@wsj.com
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