BR100 3,737 Increased By ▲ 3 (0.09%)
BR30 19,102 Decreased By ▼ -52 (-0.27%)
KSE100 36,190 Increased By ▲ 48 (0.13%)
KSE30 15,694 Increased By ▲ 18 (0.11%)
COVID-19 TOTAL DAILY
CASES 243,599 2751
DEATHS 5,058 75
Sindh 100,900 Cases Today
Punjab 85,261 Cases Today
Balochistan 11,099 Cases Today
Islamabad 13,829 Cases Today
KP 29,406 Cases Today
Business

TD Bank profit misses on higher provisions, sluggish growth in Canada retail

Aug Canada's second-biggest lender TD Bank Group fell short of analysts' estimates for quarterly profit on Thursday,

Aug 29 2019

Aug Canada's second-biggest lender TD Bank Group fell short of analysts' estimates for quarterly profit on Thursday, hurt by higher provisions for loan losses and sluggish growth in its domestic retail unit.

Top banks in the country, including bigger rival Royal Bank of Canada and Bank of Montreal, have seen their provisions, amount set aside to cover bad loans, rise significantly due to elevated household debt loads.

Total provisions at TD Bank jumped 17% to C$655 million in the third quarter ended July 31, as provisions at the domestic retail unit soared 28%.

Net income at the unit rose 2% to C$1.89 billion, while its US retail business recorded a 13% rise in net income to C$1.29 billion.

The bank's net income rose 4.6% to C$3.25 billion ($2.45 billion), or C$1.74 per share from last year.

On an adjusted basis, the lender earned C$1.79 per share. Analysts had expected earnings per share of C$1.80, according to IBES data from Refinitiv.

Copyright Reuters, 2019