Aug 30, 2018
TD announces third quarter earnings results
TD Bank Group today announced its financial results for the third quarter. Q3 was another great quarter for TD, with reported earnings at $3.1 billion, up 12% from last year and EPS at $1.65, up 13% from a strong Q3 a year ago.
We delivered good organic growth as customers responded to the improvements we've made to our products and platforms by bringing us more of their business. And we accelerated investment to build on those gains by further enriching the customer and employee experience, atop a modern, digital infrastructure that positions us for future growth and innovation.
This quarter we completed the normal course issuer bid we announced in Q2. Despite the repurchase of nearly 20 million common shares, our CET 1 ratio ended the quarter little changed at 11.7 per cent – a testament to our ability to generate consistent capital, and a measure of our flexibility to deploy it in support of our growth strategies.
TD Bank Group Results
"We are pleased with our performance, as our diversified business and geographic mix continues to add to our strategic advantage. We delivered strong earnings this quarter, increased customer volumes on both sides of the border and continued to invest in our key priorities." - Bharat Masrani, Group President and Chief Executive Officer
Increased loan and deposit volumes, growth in wealth assets, and higher net interest margins, all contributed to a 9% growth in revenue this quarter. Canadian Retail also increased its market share in the real estate secured lending business, maintained industry leadership in personal deposit gathering, and positioned TD Asset Management to become Canada's largest money manager with the announced acquisition of Greystone Managed Investments Inc.
U.S. Retail Bank
Earnings reflect loan and deposit volume growth, higher margins driven by a favourable rate environment, and benefits from U.S. tax reform.
Earnings reflect lower trading-related revenue, partially offset by higher advisory activity and fee income. The Wholesale Bank continued to invest in client-facing teams this quarter as it expands its U.S. dollar business.
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1. TD Auto Finance received the highest score in the floor planning segment in the J.D. Power 2018 Dealer Financing Satisfaction Study of dealers' satisfaction with automotive finance providers. Visit jdpower.com/awards.