Toronto-Dominion Bank increased its quarterly dividend to C$1.12 per share. This represents a 3.7% hike following strong second-quarter results. Adjusted earnings reached C$2.38 per share for the period. The result beat the average analyst estimate of C$2.26 per share.
Record earnings in the Canadian personal and commercial banking division drove the performance. Wealth management and wholesale banking units also reported strong growth. Reported net income fell year-over-year due to a prior-year gain from a Charles Schwab stake sale.
TD set aside C$1 billion for credit loss provisions. This total was lower than the previous year and beat analyst expectations. The move follows similar dividend increases across the Canadian banking sector.